20-5-2025 – Ripple, the force behind the XRP cryptocurrency, has unveiled a transformative initiative in the United Arab Emirates, forging alliances with Dubai’s trailblazing financial entities, Zand Bank and Mamo. This venture, announced on 19 May, signals Ripple’s ambition to anchor its blockchain-powered payment solutions in a region rapidly emerging as a hub for digital innovation.
The UAE, with its forward-thinking economic vision, provides fertile ground for Ripple’s latest endeavour. Zand Bank, the nation’s pioneering fully digital bank, and Mamo, a fintech innovator specialising in seamless payment solutions for businesses, will harness Ripple Payments to revolutionise cross-border transactions. By blending stablecoins, cryptocurrencies, and traditional fiat currencies, this platform promises swift and efficient settlements, setting it apart from conventional financial systems. Chirag Sampat, Zand Bank’s Head of Treasury and Markets, underscored the partnership’s significance, noting its role in advancing a robust digital economy through cutting-edge blockchain and AI-driven financial products.
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
This move builds on Ripple’s regulatory milestone in Dubai, where it secured a coveted licence from the Dubai Financial Services Authority (DFSA). This approval empowers the company to deliver crypto payment services within the Dubai International Financial Centre (DIFC), ensuring compliance while meeting the region’s surging demand for blockchain-based solutions. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the growing appetite among both traditional and crypto-native firms for faster, more reliable payment infrastructure. Ripple’s 2025 New Value Report reinforces this, revealing that 64% of regional finance leaders prioritise speed as the driving force behind adopting blockchain for international transactions.
The collaboration also heralds a significant step for the UAE’s financial landscape. Zand Bank plans to introduce a stablecoin tied to the UAE dirham (AED), designed to bolster the nation’s digital payment ecosystem with a stable, locally rooted option. Meanwhile, Mamo’s CEO, Imad Gharazeddine, celebrated the partnership as a catalyst for simplifying global payments, aligning with the UAE’s projected growth to host over a million businesses by 2030. Ripple Payments, capable of processing over $70 billion annually across more than 90 payout markets, offers unmatched scalability and round-the-clock efficiency, cementing its role as a cornerstone of this transformation.
Yet, Ripple’s global ascent is not without challenges. The company remains entangled in a protracted legal battle with the US Securities and Exchange Commission (SEC) over XRP’s regulatory status. A recent setback came when Judge Analisa Torres dismissed a motion for an indicative ruling, citing procedural flaws, leaving the dispute unresolved. This uncertainty has cast a shadow over XRP’s market performance, with the token slipping 4.17% in the past week to trade at $2.39, despite a modest 0.09% daily gain. While XRP has climbed 14.46% over the past month, it has relinquished its year-to-date gains, reflecting the market’s sensitivity to Ripple’s regulatory woes.
Nevertheless, Ripple’s UAE expansion underscores its resilience and vision. By embedding its blockchain technology into the UAE’s dynamic financial ecosystem, the company is not only navigating turbulent waters but also laying the groundwork for a future where cross-border payments are faster, more accessible, and seamlessly integrated into the digital age.