Ripple has onboarded Zand Bank and Mamo as its first UAE-based clients leveraging its blockchain-powered cross-border payment solution, following its landmark regulatory approval from the Dubai Financial Services Authority (DFSA). This development positions Ripple as the first blockchain-enabled payments provider licensed to operate in the Dubai International Financial Centre.
The partnerships will enable 24/7 settlement capabilities and near-instant transactions through Ripple Payments, addressing longstanding inefficiencies in traditional systems like high fees and multi-day delays. Ripple’s 2025 New Value Report revealed 64% of Middle Eastern finance leaders prioritize blockchain for faster settlements.
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Ripple’s Regulatory Breakthrough in Dubai
Securing the DFSA license in March 2025 allows Ripple to manage payments end-to-end for UAE institutions, combining its global network of payout partners with localized compliance frameworks. The license specifically authorizes digital asset services within the DIFC, a key hub handling $517 billion in annual cross-border flows.
Brad Garlinghouse, Ripple CEO, stated this approval lets the company “redefine value movement across MENA” by bridging traditional finance with crypto-native solutions. Ripple now holds over 60 global licenses, including recent acquisitions in Brazil and Ireland.
Zand Bank’s Digital Asset Ambitions
As one of the UAE’s first fully licensed digital banks, Zand will use Ripple’s infrastructure to develop an AED-backed stablecoin for domestic transactions while expanding international corridors. The bank’s treasury head Chirag Sampat confirmed plans to integrate AI-driven liquidity management tools alongside blockchain settlements.
Zand’s roadmap includes:
- Instant corporate payroll processing for multinational firms
- Real-time B2B invoice settlements
- API integrations for third-party fintechs
Mamo Targets SME Cross-Border Needs
Fintech startup Mamo focuses on simplifying international payments for UAE’s 400,000+ SMEs. Their Ripple integration reduces average transfer times from 3 days to 90 seconds, particularly benefiting frequent traders in the Gulf’s $1.1 trillion re-export market.
CEO Imad Gharazeddine noted the partnership helps businesses “compete globally without correspondent banking bottlenecks.” Mamo’s user base grew 212% YoY ahead of this launch.
Market Impact and XRP Dynamics
Despite the institutional adoption news, XRP traded 4.2% lower at $0.52 following the announcement. Analysts suggest this reflects profit-taking after a 28% rally in the prior week, rather than skepticism about Ripple’s enterprise progress.
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The UAE’s progressive crypto regulations continue attracting blockchain innovators, with Ripple joining recent entrants like Circle and Fireblocks. Industry observers predict MENA could capture 35% of global crypto payment volume by 2026, driven by partnerships like these.
