XRP: Ripple Expands in UAE with Zand Bank and Mamo

XRP continues to gain global traction as Ripple broadens its presence in the Middle East by onboarding two new clients—Zand Bank and Mamo—in the United Arab Emirates. This expansion enhances the reach of Ripple Payments, the company’s blockchain-powered platform designed for cross-border financial transactions.

This regional growth follows a significant milestone achieved by Ripple earlier this year. In March, the company acquired a key operational license from the Dubai Financial Services Authority (DFSA). This regulatory green light enables Ripple to manage global transactions end-to-end on behalf of traditional banks, financial technology firms, and cryptocurrency players.

Reece Merrick, Ripple’s managing director for the Middle East and Africa, emphasized the strategic advantage of the newly acquired DFSA license. “Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments,” Merrick said in a company press release.

Zand Bank, one of the new Ripple Payments adopters, highlighted the move as part of its broader digital transformation efforts. Chirag Sampat, head of treasury and markets at Zand, underscored their innovation roadmap. “We are excited to soon launch an AED-backed stablecoin,” he noted, reinforcing the institution’s commitment to pushing boundaries in the digital finance space.

Mamo, the second customer enlisted by Ripple, aims to serve both consumer and business sectors with enhanced remittance capabilities. Co-founder and CEO Imad Gharazeddine pointed out the benefits of integrating Ripple’s robust infrastructure: “Using Ripple’s services allows the company to offer faster and more reliable cross-border payments” for customers scaling their presence within the UAE.

Ripple Payments currently operates across more than 90 markets globally and has facilitated over $70 billion in payment volume. Its presence extends well beyond the Middle East, serving major economies such as the United States, Brazil, Mexico, Australia, and Switzerland.

The Ripple network leverages blockchain to enable almost instant cross-border transactions. A core component of its operation is the use of XRP through its On-Demand Liquidity (ODL) service. When deployed, XRP acts as a bridge asset, rapidly converting fiat currencies and significantly reducing the time and cost of international payments.

Related: Expert Advice: Sell XRP If You’re Confused

While Ripple’s technology continues to advance adoption globally, XRP itself has felt the impact of the broader cryptocurrency market correction. XRP has decreased by 3.5% in the past 24 hours, closely mirroring the overall market decline represented by the CoinDesk 20 Index, which reports a 3.4% drop.