Ripple continues its active expansion in the United Arab Emirates through its blockchain-based payment platform, which recently onboarded two local financial institutions as new partners.
Ripple, a company specializing in enterprise blockchain solutions, announced the integration of UAE-based digital bank Zand Bank and FinTech firm Mamo into the Ripple Payments platform.
Ripple Payments is an enterprise blockchain platform that enables instant cross-border transactions with access to liquidity through a streamlined payment infrastructure.
Zand Bank is the first digital bank in the UAE focused on both retail and corporate clients. According to Chirag Sampat, Head of Treasury and Markets at Zand Bank, the partnership with Ripple aims to further promote innovation in the UAE’s banking sector. Integrating Ripple Payments will help the bank optimize cross-border transfers and enhance customer service efficiency. Sampat also revealed that the bank is planning to issue its own dirham-pegged stablecoin, with Ripple playing a key role in bringing this new asset to the global payments market.
FinTech company Mamo, registered in the Dubai International Financial Centre (DIFC), offers payment solutions for small and medium-sized enterprises in the region. According to Imad Gharazeddine, CEO and Co-Founder of Mamo, the collaboration with Ripple will allow the company to expand its international transfer services.
Ripple recently obtained a license from the Dubai Financial Services Authority (DFSA) to provide digital asset payment services within the DIFC.
