Ripple has announced two new partnerships in the UAE for its Ripple Payments service.

The cross-border payments platform, which uses blockchain technology and a network of global payout partners, will now be used by Zand Bank and Mamo.

The development follows Ripple’s recent approval by the Dubai Financial Services Authority (DFSA), making it the first blockchain-based payments firm to be licensed by the regulator.

The DFSA license enables Ripple to offer end-to-end payment services in and out of the UAE, operating continuously and settling transactions within minutes.

“With the DFSA license, Ripple can address inefficiencies in traditional cross-border payments, including high fees, long settlement times, and limited transparency,”

said Reece Merrick, Managing Director, Middle East and Africa at Ripple.

“Our partnerships with Zand Bank and Mamo reflect the momentum created by the licence. As the global cross-border payments market expands, the UAE’s regulatory support for crypto innovation positions the country and its companies to benefit from blockchain technology.”

Ripple noted that demand for its payments platform is growing across the Middle East, from both crypto-native firms and traditional financial institutions.

The company’s 2025 New Value Report found that 64% of financial leaders in the Middle East and Africa identified faster payment and settlement times as the main reason to incorporate blockchain-based currencies into cross-border transactions.

Chirag Sampat, Head of Treasury and Markets at Zand Bank, said the institution is focused on supporting the UAE’s digital economy through a combination of AI, blockchain services, and digital asset custody.

“Our collaboration with Ripple highlights our commitment to enabling global payments through blockchain. We also plan to launch an AED-backed stablecoin to facilitate more efficient digital transactions.”

Ripple Payments currently supports more than 90 payout markets, covering over 90% of the global daily FX market and processing more than US$70 billion in volume.

The service is available in Dubai, the United States, Brazil, Mexico, Australia, and Switzerland.

Ripple holds over 60 regulatory licenses and registrations globally, including the DFSA license granted in March 2025.

Featured image credit: Edited by Fintech News Middle East, based on image by EyeEm via Freepik