Ripple has expanded its presence in the UAE by onboarding two new partners, Zand Bank and fintech firm Mamo, who will leverage its blockchain-based cross-border payments platform.
The announcement was made via a May 19 press release, following Ripple’s recent push to deepen its footprint across the Middle East. In March 2025, Ripple became the first blockchain-enabled payment company to be granted full licensing approval by the Dubai Financial Services Authority, allowing it to operate in the Dubai International Financial Center.
Zand Bank and Mamo will now use Ripple Payments, a solution that connects a global network of payout partners and uses blockchain and digital assets to offer faster, cheaper, and more transparent international transfers. The partnerships signal growing momentum in the region for blockchain-powered payments, particularly as traditional financial institutions and fintechs look to improve efficiency and settlement times.
“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,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa. “Our partnerships with Zand and Mamo reflect the strong demand for efficient, blockchain-based alternatives to legacy payment rails.”
Zand Bank, the UAE’s first fully digital bank with a banking license, said the partnership aligns with its goal to offer institutional-grade blockchain solutions and digital asset services. To improve the speed of both domestic and international transactions, the bank also revealed plans to introduce a stablecoin backed by AED.
For Mamo, a consumer-focused fintech, the deal supports its mission to simplify global payments for UAE-based businesses and individuals. Chief executive officer Imad Gharazeddine stressed that Ripple’s blockchain-powered settlements will enable UAE businesses to grow internationally “with confidence.”
The expansion coincides with Ripple’s larger regional strategic initiatives. The company is in ongoing discussions with UAE regulators around stablecoin policy and blockchain integration into the national finance infrastructure. It’s also preparing for the Abu Dhabi launch of Hidden Road, the crypto brokerage it acquired for $1.25 billion in April.
With $70 billion in transactions handled through Ripple Payments and more than 60 regulatory approvals worldwide, the business is establishing itself as a major infrastructure supplier for blockchain-based financial services in the Middle East and beyond. Ripple’s surveys have revealed that over 60% of MEA finance leaders view faster settlement as a key driver for adopting blockchain in payments.
