Ripple Expands in UAE with Key Partnerships
Ripple, the blockchain payment platform, has significantly strengthened its presence in the United Arab Emirates (UAE) through new partnerships with leading financial platforms Zand Bank and Mamo Pay. Both institutions have adopted RippleNet, Ripple's blockchain-powered payment solution, to enhance their cross-border payment capabilities.
Ripple's UAE Expansion: A Strategic Move
This announcement, made on May 19th, follows Ripple's achievement of becoming the first blockchain payment solution to receive a license from the Dubai Financial Services Authority (DFSA). This license allows Ripple to legally operate within the region and capitalize on the burgeoning Middle Eastern market. The partnership with Zand Bank and Mamo Pay allows Ripple to provide 24/7 payment services and manage payment processing for its UAE clients, significantly reducing settlement times to just minutes.
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Strategic Partnerships: Zand Bank and Mamo Pay
The choice of Zand Bank and Mamo Pay as partners is strategic. Zand Bank, Dubai's first fully licensed digital bank, acts as a bridge between traditional finance (TradFi) and decentralized finance (DeFi), making it an ideal collaborator for Ripple. MamoPay, an established Dubai-based fintech company, simplifies payments for businesses and individuals, providing Ripple with immediate market access.
UAE's Growing Crypto Market
The UAE is a key player in the Middle East's crypto landscape. Cities like Dubai are actively promoting crypto-friendly policies and fostering innovation hubs, attracting numerous crypto startups and global platforms. The presence of major exchanges like Binance and OKX, also licensed in Dubai, underscores the region's progressive approach. Furthermore, a recent eToro report indicated that 37% of UAE retail investors plan to increase their crypto holdings in 2025, a 42% jump from the previous year. This robust growth, coupled with Ripple's New Value Report highlighting the importance of cross-border payments, makes the UAE a highly attractive market.
Ripple's Global Reach
Ripple's expansion isn't confined to the UAE. The company boasts a strong global presence, operating in countries such as the U.S., Switzerland, Australia, and Brazil. RippleNet covers 90+ payout markets, processing over $70 billion in volume. Its extensive network of 60+ registrations and licenses globally allows it to cater to both traditional financial institutions and crypto-native businesses. Ripple's versatility, encompassing tokenization and real-time settlement, positions it favorably for both traditional and crypto enterprises.
The Future of Cross-border Payments
Experts predict a surge in demand for cross-border payment solutions, driven by the expected growth of businesses in the UAE (over one million by 2030). This escalating need for reliable global transactions underscores the strategic importance of Ripple's expansion and its potential to significantly impact the financial landscape.
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