Blockchain payment platform Ripple has announced two new clients—Zand Bank and Mamo—in the UAE. The companies have signed up to use Ripple’s services, helping it expand its footprint in the region, as per a company press release. These clients now have access to Ripple Payments, a blockchain-based payment tool that enables quick, cross-border transactions.
“Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs. Our new partnerships with Zand Bank and Mamo are a testament to the momentum that the license has created for our business,” said Ripple Managing Director Reese Merrick of Middle East and Africa.
The company press release also noted the growth in demand across the Middle East for its payment solution from crypto native firms and traditional financial institutions.
“As a pioneering financial institution with a full-fledged banking license, Zand Bank is paving the way for a stronger digital economy by offering innovative financial products as well as AI and blockchain solutions alongside our institutional-grade digital asset custodial services,” said Zand Bank’s Head of Treasury and Markets at Zand Bank Chirag Sampat.
“The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we’re proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Mamo CEO and co-founder Imad Gharazeddine.
Ripple Payments processes more than $70 billion in volume and is available in Dubai, the U.S., Brazil, Mexico, Australia, and Switzerland.
