Ripple Launches Blockchain Payment System with Zand Bank and Mamo in the UAE
Ripple has officially launched its cross-border blockchain payment solution in the United Arab Emirates, which marks a major turning point in crypto adoption across the region. The UAE’s first fully digital bank, Zand Bank, and Mamo, a fintech payment provider for businesses, have joined forces with Ripple for the rollout.
The collaboration is centered on Ripple Payments, a platform that integrates stablecoins, cryptocurrencies such as XRP, and fiat currency to facilitate fast, cost-effective, and transparent international transfers. The system leverages Web 3.0 innovations like rapid settlement and low fees—features traditional cross-border payment methods often lack.
Ripple obtained a crypto services license from the Dubai Financial Services Authority (DFSA), officially approved in March 2025. The DFSA activated Ripple’s payment solutions to help expatriates and businesses avoid high transaction costs, delays, and opacity in global financial transfers.
Ripple’s Middle East and Africa Managing Director, Reece Merrick, emphasized the importance of this license, noting it allows Ripple to meet increasing demand in one of the world’s most active corridors for remittances and cross-border trade.
According to Chainalysis, the UAE ranked 56th out of 151 countries in cryptocurrency adoption in 2024. However, interest in decentralized finance (DeFi), stablecoins, and alternative cryptocurrencies continues to grow in the region.
Abu Dhabi’s acceptance of stablecoins like USDT, and recognition of USDC and EURC, signals the UAE’s ambition to be a crypto-friendly nation. The UAE also plans to launch a digital dirham, a central bank digital currency (CBDC), aimed at integrating digital assets into the nation’s formal financial system.
In line with this vision, Dubai’s Virtual Assets Regulatory Authority (VARA) recently introduced new regulations covering token offerings and margin trading, with a compliance deadline of June 19, 2025.
By launching Ripple Payments in the UAE, Zand Bank and Mamo aim to transform cross-border finance with faster and more secure transactions. A key part of this system is RippleFX, built around Ripple’s dual liquidity model. The platform supports the RLUSD stablecoin, which already boasts a circulating supply of over 300 million units.
Ripple has also earmarked $200 million for expansion in the region, identifying the UAE as a pivotal market due to its progressive regulatory environment.
