Ripple Expands Services in UAE with Partnerships from Zand Bank and Mamo
Ripple is expanding its services in the UAE after obtaining a license from the Dubai Financial Services Authority (DFSA). The company has partnered with two local financial institutions, Zand Bank and Mamo, to integrate its blockchain-based payment solutions.
- The DFSA license allows Ripple to oversee payment processes for clients in crypto and fintech.
- Zand Bank and Mamo will offer global fund transfers that complete transactions within minutes.
- Ripple Payments enhances efficiency by reducing delays and complexity in money transfers using blockchain infrastructure.
- Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the demand for improved cross-border payment solutions.
- Zand Bank plans to launch an AED-backed stablecoin to facilitate transactions in the digital economy.
Ripple Payments is accessible in over 90 markets, including the U.S., Mexico, Switzerland, Brazil, and Australia. Earlier this year, Ripple expanded into Portugal through a partnership with Unicambio to provide secure and efficient transactions.