Ripple Expands UAE Presence with Zand Bank and Mamo Using Blockchain Payments

Highlights:

• Ripple is the first blockchain payments company approved by the Dubai Financial Services Authority.
• Zand Bank and Mamo adopt Ripple Payments for faster, transparent cross-border transfers.
• 64% of MEA finance leaders view faster settlement as critical for blockchain adoption.

Ripple has formed partnerships with Zand Bank and Mamo to expand the use of its blockchain-based payments in the United Arab Emirates. They will rely on Ripple Payments, which allows faster, more economical, and more reliable international payments.

This decision comes after Ripple achieved a landmark in the blockchain space by receiving a license from the Dubai Financial Services Authority in March. With this license, Ripple is able to manage entire payment transactions in the Dubai International Financial Center.

The company stated in the press release that with this new approval, it can move funds around the globe at any time and settle almost instantly. Zand Bank and Mamo’s move demonstrates that more people in the UAE are looking for blockchain options instead of traditional payment methods. Through Ripple Payments, a network of international partners is united, handling over 90% of foreign exchange deals daily. Additionally, Ripple’s infrastructure is recognized by the system’s ability to handle over $70 billion in transactions globally.

Ripple Payments momentum is building in the UAE. 🇦🇪 https://t.co/gFiwxXWfM5

Following our DFSA license, Zand Bank and @MamoPay are now live on Ripple Payments—bringing always-on, blockchain-powered cross-border payments to one of the world’s top remittance hubs.

— Ripple (@Ripple) May 19, 2025

Zand Bank and Mamo Embrace Blockchain Innovation

Zand Bank became the country’s first fully digital bank to be licensed by the local authorities. The company is advancing its capabilities through the usage of blockchain, AI and custody for digital asset custodial services. Moreover, the bank plans to introduce a stablecoin backed by AED. The stablecoin will make domestic and foreign transactions easier. Additionally, the stablecoin aims to make digital money payments easier and more transparent.

Ripple Payments will also help Mamo, a growing fintech company, send simpler and faster transactions to customers and businesses. The company aims to provide more immediate and trusted money transfers to support UAE businesses operating abroad. Furthermore, this illustrates how many fintech and traditional companies are joining forces to use blockchain technology to speed up settlements and lower costs.

Both companies highlight how Ripple underpins real-time, open payment transactions. The 2025 New Value Report by Ripple further reveals that most finance heads in the Middle East and Africa focus on faster settlements. Consequently, this is their main purpose for integrating blockchain for payments.

Ripple’s Regional Expansion and Strategic Initiatives

The company has been steadily involved in the Middle East since opening its Dubai headquarters in 2020. The DFSA license granted allows the company to play a major role in the growing payment sector of the UAE and the Gulf region. In addition, the company is involved in discussions with regulators regarding the policies for stablecoins and their use in the national financial sector. The company is also pursuing its plan to introduce Hidden Road crypto brokerage in Abu Dhabi. It acquired Hidden Road for $1.25 billion in April 2025.

Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…

— Ripple (@Ripple) April 8, 2025

The approval from over 60 regulators allows Ripple to be considered a reliable company for blockchain-based services around the world. Due to its $400 billion economy and the $40 billion from remittances, the UAE is still considered a key market. Ripple is chosen for making cross-border payments easier because of its advanced technology and regulations.

According to Mamo’s CEO, the UAE is advancing quickly, with one million companies anticipated by 2030. This points out how much quicker and simpler worldwide payments are required. Zand Bank and Mamo partnering with Ripple reflects a regional shift toward embracing blockchain to overcome long-standing difficulties in payments.