Ripple has officially expanded into the United Arab Emirates after securing a key license from the Dubai Financial Services Authority (DFSA). This move paves the way for Ripple to deliver faster, more transparent global payments across the region.
Ripple Teams Up with Zand Bank and Mamo
As part of its entry into the UAE market, Ripple is partnering with Zand Bank and Mamo, two forward-thinking financial institutions. Both firms will now integrate Ripple Payments into their systems to enable instant, 24/7 cross-border transactions.
The DFSA license allows Ripple to directly manage international fund transfers for both crypto and fintech companies, ensuring seamless service delivery.
Faster Global Transfers Powered by Blockchain
Ripple’s infrastructure reduces delays and simplifies the complexities of traditional cross-border payments. It achieves this through a network of payout partners and advanced blockchain technology.
According to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, the DFSA license marks a significant milestone. He emphasized the platform’s ability to tackle common issues like high fees, long settlement times, and lack of transparency.
“Our partnerships with Zand Bank and Mamo highlight the growing demand for better cross-border payment solutions in the UAE,” Merrick said.
Stablecoin Plans Signal More Innovation
Zand Bank isn’t stopping at fast transactions. Its Head of Treasury and Markets, Chirag Sampat, revealed plans to launch an AED-backed stablecoin. This initiative will further streamline payments in the region’s fast-growing digital economy.
Ripple’s Global Reach Continues to Grow
Ripple Payments is already active in over 90 markets, including the U.S., Mexico, Brazil, Switzerland, and Australia. The UAE expansion follows a recent move into Portugal, where Ripple partnered with Unicambio to power efficient transfers for institutional clients.
Ripple’s global momentum shows no signs of slowing. Its technology continues to help financial firms deliver faster, cheaper, and more secure transactions worldwide.