Ripple Expands to UAE with Cross-Border Blockchain Payment Launch

Ripple, the company behind the XRP cryptocurrency, has launched cross-border blockchain payment services in the United Arab Emirates (UAE) through new partnerships with Dubai-based financial institutions Zand Bank and Mamo.

Announced on 19 May, the move marks a significant step in Ripple’s expansion into a region increasingly welcoming to digital asset innovation.

Zand Bank, the UAE’s first all-digital bank, and Mamo, a fintech platform offering digital payments for businesses, will integrate Ripple Payments to facilitate cross-border transactions.

The platform leverages a combination of stablecoins, cryptocurrencies, and fiat to enable fast, efficient settlements—an advantage Ripple positions as a key differentiator from legacy financial systems.

The launch builds on Ripple’s earlier regulatory success in Dubai.

Recently, the company received a license from the Dubai Financial Services Authority (DFSA) to offer crypto payment services within the Dubai International Financial Centre (DIFC).

According to Recce Merrick, Ripple’s Managing Director for the Middle East and Africa, the DFSA license allows the firm to better serve demand for blockchain-based payments while ensuring regulatory compliance.

He said:

“As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology.”

Ripple noted growing interest in its payment infrastructure from both traditional financial institutions and crypto-native firms in the region.

Its 2025 New Value Report found that 64% of finance leaders in the Middle East and Africa identified speed as the primary reason for embracing blockchain in cross-border transactions.

Chirag Sampat, Head of Treasury and Markets at Zand Bank, welcomed the collaboration, revealing plans to launch an AED-backed stablecoin aimed at enabling faster, more efficient payments in the digital economy.

The move underscores the UAE’s accelerating efforts to integrate blockchain into its financial infrastructure as part of broader economic modernisation goals.

How Ripple is Powering Dubai’s Payment Innovation

Zand Bank and fintech firm Mamo will leverage Ripple Payments, a blockchain-powered platform designed to facilitate 24/7 cross-border transactions, according to an official press release.

The system aims to streamline settlement processes, improving both speed and operational efficiency.

With access to over 90 payout markets and processing more than $70 billion in annual transaction volume, Ripple Payments demonstrates both scalability and reliability on a global scale.

Chirag Sampat, Head of Treasury and Markets at Zand Bank, commented:

“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. Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology.”

Zand Bank—recognised as the UAE’s first digital-only bank—also announced plans to launch a stablecoin pegged to the UAE dirham (AED), a move intended to strengthen the country's digital payment infrastructure by providing a stable, locally anchored transaction option.

Mamo, a consumer- and business-focused fintech company, will likewise integrate Ripple’s technology to enhance its service offerings and broaden its reach in the region’s expanding digital economy.

Mamo’s CEO, Imad Gharazeddine, said:

“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.”

Ripple Facing SEC Courtroom Drama and XRP Slump Amidst Expansion

Ripple’s expansion into new markets continues, but unresolved legal challenges remain a drag on momentum—most notably, its ongoing dispute with the US Securities and Exchange Commission (SEC) over the regulatory status of XRP.

A final settlement has yet to be reached, with Judge Analisa Torres recently rejecting a motion for an indicative ruling, citing procedural issues.

This lingering uncertainty has weighed on XRP’s market performance.

The token has declined 4.17% over the past week and, despite a slight 0.09% uptick in the last 24 hours, is currently trading at $2.39.

Notably, XRP has now erased its year-to-date gains, even though it remains up 14.46% over the past month.

After a strong finish to 2024 and a promising start to 2025, XRP appears to be struggling to sustain its earlier momentum—raising questions about how regulatory headwinds might continue to shape its trajectory.

As Ripple deepens its presence in key markets, the question remains: can it maintain momentum and emerge stronger from its regulatory battles?