Expansion in UAE by Ripple: Significant Blockchain Network Grows with Zawyer Bank and Mamo's Addition, Marking a Bold Step Forward

Expansion in UAE by Ripple: Significant Blockchain Network Grows with Zawyer Bank and Mamo's Addition, Marking a Bold Step Forward

Ripple Enters UAE Market with Game-Changing Cross-Border Payments Solution

Ripple, a leading provider of enterprise-level blockchain technology, has announced its launch in the United Arab Emirates (UAE) with two new institutional partners, Zand Bank and Mamo. This move follows the company's licensing by the Dubai Financial Services Authority (DFSA), marking the first time a blockchain-based payment system has received such accreditation in the region.

The DFSA license allows Ripple to offer end-to-end payment services using blockchain, crypto, and fiat on-ramps. This means transactions can be completed in real-time, with settlements happening almost instantly rather than the days it typically takes with older systems. The UAE, an essential remittance hub, is expected to benefit greatly from this fast, efficient financial infrastructure as it strives to become home to over 1 million businesses by 2030.

Zand Bank, an all-digital bank, intends to boost its international payment rails with Ripple's solution. In the future, this integration plans to support an AED-backed stablecoin, facilitating seamless domestic and global transfers for both institutional and retail clients. Mamo, a prominent UAE-based fintech, is partnering with Ripple to offer reliable and expeditious cross-border transfers to its widespread user base-a critical move for scaling operations in a region witnessing a surge in international transaction demand.

Ripple Payments, the company's blockchain-enabled solution, has rapidly grown beyond its crypto origins, currently processing over $70 billion in global transactions. With a presence in 90+ payout markets and accounting for over 90% of the daily foreign exchange market, Ripple's technology infrastructure supports scale. Additionally, Ripple has secured over 60 regulatory licenses worldwide, demonstrating its ability to navigate the complex global compliance landscape required for institutional-level adoption.

In a burgeoning UAE market where central banks, digital-first banks, and fintechs are merging, Ripple's timing appears impeccable. The company's combination of real-time settlement, regulatory compliance, and wide geographic coverage places it at the forefront of blockchain-enabled finance in the region.

Background: Ripple's move into the UAE echoes the region's shift towards faster, low-cost, and transparent financial infrastructure as global crypto adoption accelerates, particularly within fintech and emerging markets. The DFSA license is a crucial first step in Ripple's efforts to penetrate the Middle East, following the end of the SEC's XRP lawsuit against the company.

[1] - https://www.ripple.com/insights/news/ripple-obtains-dfsa-license-to-offer-global-payments-services-in-dubai-international-financial-centre/[2] - https://www.ripple.com/insights/news/ripple-announces-two-new-partners-in-the-uae/[3] - https://www.bloomberg.com/news/articles/2023-04-23/ripple-verus-monero-brave-face-as-crypto-winter-hits-hard[4] - https://www.zandbank.com/blog/will-dfsa-license-make-uae-ripe-for-blockchain-payments/[5] - https://www.mamo.finance/partnership-ripple/

1. Ripple, having secured a DFSA license, now offers its blockchain-based payment services in the UAE, partnering with Zand Bank and Mamo to revolutionize cross-border transactions.
2. With the launch, Ripple Payments, a solution rapidly growing beyond its crypto origins, processes over $70 billion in global transactions and supports over 90% of the daily foreign exchange market.
3. Zand Bank, an all-digital bank, enhances its international payment rails using Ripple's technology, planning to support an AED-backed stablecoin for seamless transfers.
4. Mamo, a leading UAE-based fintech, collaborates with Ripple to provide reliable and swift cross-border transfers, aiding in scaling operations as the region witnesses a surge in international transaction demand.

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