KEY TAKEAWAYS
- Ripple partners with Zand Bank and Mamo in the UAE to enhance cross-border payments using blockchain technology.
- The DFSA license enables Ripple to manage payments end-to-end, reducing time and friction in global transactions.
- Zand Bank plans to launch an AED-backed stablecoin to improve transaction efficiency.
- Mamo leverages Ripple’s technology to offer faster and more reliable payments for businesses and consumers.
Ripple, a prominent provider of digital asset infrastructure for financial institutions, has announced new partnerships in the United Arab Emirates (UAE) with Zand Bank and Mamo. These collaborations will utilize Ripple Payments, a solution that leverages blockchain technology, digital assets, and a global network of payout partners to facilitate fast and transparent cross-border payments.
Since becoming the first blockchain-enabled payments provider licensed by the Dubai Financial Services Authority (DFSA), Ripple has been able to manage payments end-to-end for its customers. This capability allows for the movement of funds globally 24/7, settling payments in minutes and significantly reducing time and friction in the process.
Ripple’s Strategic Partnerships in the UAE
The partnerships with Zand Bank and Mamo are seen as a testament to the momentum created by Ripple’s DFSA license. Reece Merrick, Managing Director for the Middle East and Africa at Ripple, highlighted the importance of the DFSA license in addressing inefficiencies in traditional cross-border payments, such as high fees and long settlement times. Merrick noted that the supportive environment for crypto innovation in the UAE positions the nation to benefit from blockchain technology’s transformative power.
Zand Bank, a pioneering financial institution with a full banking license, is committed to enhancing the digital economy through innovative financial products and blockchain solutions. Chirag Sampat, Head of Treasury and Markets at Zand Bank, emphasized the bank’s dedication to empowering global payment solutions and announced plans to launch an AED-backed stablecoin to further enhance transaction efficiency.
Mamo’s Role in Simplifying Global Payments
Mamo, a UAE-based company, is also leveraging Ripple’s technology to simplify global payments. CEO and co-founder Imad Gharazeddine expressed pride in the partnership, which aims to offer faster and more reliable cross-border payments for businesses and consumers. This collaboration is expected to help companies across the UAE scale with confidence as the nation continues its growth trajectory.
Ripple’s digital asset infrastructure is designed to provide core services for financial institutions to tokenize, store, exchange, and move digital assets. With near-global coverage, Ripple Payments processes over $70 billion in volume and is available in multiple countries, including Dubai, the U.S., Brazil, Mexico, Australia, and Switzerland.
For more details, the announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Ripple has announced new partnerships with Zand Bank and Mamo in the UAE, leveraging its blockchain technology to enhance cross-border payment solutions.
Recent industry reports indicate that advancements in digital innovation, including blockchain and API improvements, are transforming cross-border payments by enhancing visibility, transparency, and efficiency. This aligns with Ripple’s efforts in the UAE to improve payment processes and reduce friction in international transactions.
As per insights from FinanceFeeds, Ripple’s partnerships in the UAE have been deemed strategic and significant, especially with the recent regulatory approval from the Dubai Financial Services Authority (DFSA). This supports the impact of Ripple’s new collaborations in expanding its cross-border payment services in the region.
Explore More News:
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
