Ripple Signs Two More Payment System Customers in UAE Expansion

May 19, 2025

in Breaking, News

Reading Time: 8 mins read

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By Shaurya Malwa|Edited by Sheldon Reback

May 19, 2025, 7:42 a.m.

Ripple added UAE-based Zand Bank and Mamo as customers as it expands its blockchain-based cross-border payments platform in the region.
The agreements follow Ripple’s acquisition of a license from the Dubai Financial Services Authority, enabling it to manage global payments for banks and fintechs.
Ripple Payments operates in over 90 markets and has processed more than $70 billion globally, using XRP as a bridge currency in some transactions.

Ripple said it signed on two new UAE-based customers, Zand Bank and Mamo, as it expands Ripple Payments, the firm’s blockchain-based cross-border payments platform, in the region.

The agreements follow Ripple securing a license from the Dubai Financial Services Authority (DFSA) in March, allowing it to manage global payments end-to-end for banks, fintechs and crypto firms.

STORY CONTINUES BELOW

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“Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments,” Reece Merrick, managing director for Middle East and Africa at Ripple, said in a Monday release.

Zand Bank said the partnership aligns with its push toward digital finance. “We are excited to soon launch an AED-backed stablecoin,” said Chirag Sampat, head of treasury and markets.

Imad Gharazeddine, CEO and co-founder of Mamo, said using Ripple’s services allows the company to offer “faster and more reliable cross-border payments” for both businesses and consumers looking to scale their UAE operations.

Ripple Payments currently operates in over 90 payout markets and has processed more than $70 billion in volume globally. The platform is available in Dubai, the U.S., Brazil, Mexico, Australia and Switzerland.

Ripple uses a global network of payout partners and blockchain infrastructure to move money in minutes. In some cases, it also uses its native digital asset, XRP, as a bridge currency through its On-Demand Liquidity (ODL) service, allowing clients to instantly convert one fiat currency to another using the token.

XRP prices are down 3.5% in the past 24 hours amid a broader market slump. The CoinDesk 20 Index has dropped 3.4%.

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

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