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In a major move for the UAE’s digital finance ecosystem, Zand Bank and fintech startup Mamo have partnered with Ripple to introduce blockchain-based cross-border payment solutions. This collaboration follows Ripple’s recent regulatory approval from the Dubai Financial Services Authority (DFSA), making it the first blockchain-powered payments provider authorized to operate in the Dubai International Financial Centre (DIFC).
Ripple Payments—the core platform behind this initiative—uses blockchain technology, digital assets, and an extensive global network to enable fast, transparent, and secure international money transfers. Currently active in over 90 countries, including the U.S., Brazil, Mexico, Australia, and Switzerland, Ripple has already processed more than $70 billion in global transactions. Its entry into the UAE aims to solve persistent issues in traditional payment systems, such as high fees, slow processing times, and lack of visibility.
Zand Bank, the UAE’s first fully digital bank, plans to adopt Ripple’s infrastructure to modernize its cross-border transfer services. The bank is also preparing to launch an AED-backed stablecoin to further strengthen its digital offering. Chirag Sampat, Head of Treasury and Markets at Zand, emphasized the bank’s focus on leading digital finance innovation in the region.
Meanwhile, Mamo—a rising fintech player in Dubai—is leveraging Ripple’s platform to simplify and reduce the cost of remittances. CEO and co-founder Imad Gharazeddine noted that this integration will make global payments easier and more accessible for UAE-based businesses and individuals.
The UAE’s supportive regulatory framework and openness to digital asset adoption continue to make it a hotspot for fintech innovation. According to Ripple’s 2025 New Value Report, 64% of financial leaders in the Middle East and Africa cite faster transactions as a key driver for using blockchain-based currencies in cross-border payments.
This partnership marks another milestone in Ripple’s Middle East expansion and underscores the region’s commitment to embracing next-generation payment technologies.
