Dubai, UAE – May 2025 – Blockchain payments pioneer Ripple has announced its first two blockchain-enabled payment clients in the UAE—Zand Bank and fintech firm Mamo—following its recent licensing approval by the Dubai Financial Services Authority (DFSA). The move marks a major step in Ripple’s expansion across the Middle East, strengthening its presence in one of the world’s most dynamic financial hubs.
Ripple Payments, the company’s cross-border payments solution, leverages blockchain technology, digital assets, and a vast network of global payout partners to enable near-instant, transparent, and cost-efficient transactions. With the DFSA license secured in March 2025, Ripple is now authorized to operate fully within Dubai’s International Financial Centre (DIFC), providing end-to-end payment capabilities for clients around the clock.
“Our DFSA license allows us to better tackle the pain points of traditional cross-border payments—slow settlement, high fees, and lack of transparency,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple. “Our new collaborations with Zand Bank and Mamo highlight the growing demand for blockchain-based solutions in the UAE and showcase the region’s commitment to fostering financial innovation.”
The collaborations coincide with an increase in interest in the Middle East from both conventional banks and crypto-native businesses, attracted by the prospect of real-time settlement and improved operational effectiveness. Faster settlement times are cited by 64% of Middle Eastern and African (MEA) financial leaders as a major factor propelling the use of blockchain in cross-border transactions, per Ripple’s 2025 New Value Report.
The collaboration with Ripple is seen by Zand Bank, the first fully digital bank in the United Arab Emirates with a full banking license, as an important step in the advancement of digital finance. “We are pleased to work with Ripple to provide effective, blockchain-driven international payment solutions,” stated Chirag Sampat, Zand Bank’s Head of Treasury and Markets. This is in line with our overarching goal of advancing the digital economy by utilizing cutting-edge technologies like artificial intelligence and blockchain. We’re also thrilled to introduce a stablecoin backed by AED soon to make online transactions even easier.
Mamo, a Dubai-based fintech startup, echoed the sentiment. “The UAE is on a fast-paced growth trajectory, with over a million businesses expected to be based here by 2030,” said Imad Gharazeddine, CEO and co-founder of Mamo. “Our integration with Ripple will enable us to offer our customers—both individuals and businesses—faster, more reliable cross-border payments. It’s a game-changer that helps companies scale confidently.”
Ripple’s payment network now spans more than 90 payout markets, covering over 90% of daily foreign exchange (FX) activity, and has processed over $70 billion in transactions. The firm holds more than 60 regulatory licenses globally, and its licensed payment solution is active in the U.S., Brazil, Mexico, Australia, Switzerland, and now Dubai.
With its decade-long experience and a growing regulatory footprint, Ripple is positioning itself at the forefront of the global transition to blockchain-powered finance—enabling institutions to securely tokenize, store, exchange, and transfer digital assets with ease.
