Ripple’s presence in the Middle East is gaining momentum as two prominent UAE-based financial firms—Zand Bank and Mamo—officially adopt its blockchain-based cross-border payment solution.
The announcement, made on 19 May, confirmed that both institutions will now use Ripple Payments to streamline international transfers.
This move comes just two months after Ripple secured full regulatory approval from the Dubai Financial Services Authority (DFSA), becoming the first blockchain-enabled payment company to operate legally within the Dubai International Financial Centre (DIFC).
Zand Bank, recognised as the UAE’s first fully licensed digital bank, is aligning itself with Ripple to enhance the efficiency of both domestic and international transactions.
The institution has also revealed plans to launch a stablecoin backed by the UAE dirham (AED), aimed at reinforcing its blockchain ambitions and improving transaction speed across platforms.
Meanwhile, fintech firm Mamo—focused on simplifying payments for individuals and small businesses—has also signed on to Ripple’s global payment network.
Mamo’s CEO, Imad Gharazeddine, highlighted the significance of the collaboration, stating Ripple’s blockchain-backed platform will allow UAE businesses to expand internationally “with confidence”.
The UAE, with a remittance market valued at $40 billion, presents a significant opportunity for blockchain-enabled payment systems.
Ripple is positioning itself as a central player by offering a platform that enables near-instant global fund transfers—available 24/7 and designed to replace slower, traditional payment rails.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said,
“With our new DFSA license, we can now manage payments end-to-end in the UAE—moving funds globally, 24/7, with near-instant settlement.”
Ripple Payments connects a network of global payout partners, using blockchain and digital assets to offer cost-effective and transparent cross-border solutions.
The firm has already handled $70 billion in transactions and holds over 60 regulatory approvals worldwide.
In April, Ripple introduced its Ripple USD (RLUSD) stablecoin into the payment ecosystem, a move that has added further flexibility to its offerings.
While the stablecoin’s launch has sparked debate over the continued utility of XRP, its integration is seen as a strategic step to bolster settlement options within Ripple’s growing network.
As part of ongoing expansion, Ripple is also engaged in discussions with UAE regulators concerning digital asset policies and future blockchain infrastructure.
The company’s regional strategy includes an upcoming Abu Dhabi launch of crypto brokerage Hidden Road, acquired for $1.25 billion earlier this year.
Ripple’s engagement with the region dates back to 2020, when it launched its Middle East headquarters in Dubai.
Last year, it joined the DIFC Innovation Hub to encourage early-stage crypto adoption in the Gulf.
The company’s leadership is also actively building relationships with regional stakeholders, including a recent meeting between Ripple president Monica Long and Emirates Group chairman Ahmed bin Saeed during the 2025 Fintech Summit.
As both traditional banks and fintechs in the region seek to modernise payment infrastructure, Ripple’s growing involvement signals a wider shift towards blockchain-backed solutions to support faster, more efficient global money transfers.
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