š Zand Bank and Mamo Approved as Dubai’s First Blockchain-Powered Payment Clients š
Zand Bank and fintech firm Mamo have just received regulatory approval in Dubai to become the first clients to use Rippleās blockchain-based payment solutions in the UAE.
This follows Rippleās landmark achievement in March 2025, when it became the first blockchain payments provider licensed by the Dubai Financial Services Authority (DFSA).
š Key Highlights
š¹ Regulatory Milestone: Ripple secured a DFSA license, allowing it to offer compliant, end-to-end digital asset payment services in Dubaiās International Financial Centre. This regulatory green light is a major step for blockchain adoption in the region.
š¹ Zand Bankās Role: Zand Bank, the UAEās first fully digital bank with a full banking license, will integrate Rippleās blockchain infrastructure to power global payments and digital asset services. The bank is also preparing to launch an AED-backed stablecoin, aiming to streamline digital transactions and settlements within the UAEās fast-growing digital economy.
š¹ Mamoās Expansion:Mamo, a fintech platform serving both individuals and businesses, will leverage Ripple Payments to offer faster, more reliable, and cost-effective cross-border transactions. This partnership will help Mamo scale its services and meet the increasing demand for efficient remittances and business payments.
š¹ Ripple Payments Platform:The platform uses blockchain and digital assets (including XRP and Rippleās new USD-backed stablecoin, RLUSD) to process international payments in minutes, 24/7, with improved transparency and reduced costs. Ripple now processes over $70 billion in annual payment volume across 90+ global markets.
š¹ Regional Impact:The UAE is positioning itself as a leader in blockchain-powered finance, with 64% of financial decision-makers in the region prioritizing faster payments and settlements as key drivers for adopting digital asset solutions.
š Why This Matters
š¹ Efficiency & Transparency:Blockchain integration means faster settlements, lower fees, and greater transparency for both banks and fintechs.
š¹ Regulatory Clarity:The DFSAās proactive approach provides a clear framework for digital asset innovation, attracting more global players to the UAE.
š¹ Ecosystem Growth:These partnerships signal growing institutional and fintech interest in blockchain for real-world payments, setting the stage for broader adoption across the Middle East.
šµļøāāļøConclusion: With Dubaiās regulatory approval, Zand Bank and Mamo are trailblazing the use of blockchain-powered payments in the UAE. Powered by Rippleās technology, these partnerships are set to transform cross-border transactions, making them faster, cheaper, and more transparent-and positioning the UAE as a global hub for digital asset innovation.
https://ffnews.com/newsarticle/cryptocurrency/ripple-builds-on-dubai-regulatory-license-to-announce-zand-bank-and-mamo-as-first-blockchain-enabled-payments-clients-in-the-uae/