Ripple collaborates with leading UAE banks to implement XRP within payment systems.

Ripple has unveiled new partnerships with Zand Bank and the fintech company Mamo, aiming to enhance its payment services throughout the Middle East.

This initiative represents a significant step for Ripple, following the recent approval it received from the Dubai Financial Services Authority.

Through these collaborations, Zand Bank and Mamo will incorporate Ripple’s blockchain framework into their payment infrastructures, potentially leading to faster, more cost-effective, and transparent cross-border transactions.

Ripple’s payment platform now spans over 90 international markets, claiming a substantial portion of daily foreign exchange activity. The company manages transactions exceeding $70 billion, highlighting its increasing significance within the global payments landscape.

Additionally, Zand Bank is working on an AED-backed stablecoin to facilitate quicker settlements and streamline transactions in the rapidly evolving digital economy of the UAE.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, noted that the DFSA license enables Ripple to tackle significant payment challenges in the area, including high transaction costs, slow settlement times, and a lack of transparency.

He emphasized that these new partnerships reflect Ripple’s growing traction in one of the most prominent hubs for cross-border payments globally.

The Middle East, particularly the UAE, is demonstrating a burgeoning interest in blockchain-driven financial systems.

Ripple’s internal studies reveal that 64% of financial decision-makers in the region regard speed as the primary motivator for adopting digital asset solutions for cross-border transactions.

This has resulted in a marked interest in Ripple’s payment services from both crypto-native businesses and conventional financial institutions throughout the region.

Merrick underscored the UAE’s pivotal role in promoting cryptocurrency innovation through regulatory frameworks that enable businesses to harness blockchain technology to enhance traditional payment systems.

Imad Gharazeddine, CEO and co-founder of Mamo, shared this perspective, stating that the favorable regulatory landscape would likely draw more companies to the region.

He remarked, “The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030.”