Ripple continues to expand its operations by entering into partnerships with Zand Bank and Mamo in the United Arab Emirates. These moves highlight Ripple's strategy to increase its influence in the cross-border payments market.
Partnership with Zand Bank and Mamo
Ripple has announced that Zand Bank and Mamo are its first licensed blockchain payments clients in the UAE. Both partners will leverage Ripple's system to support cross-border transfers, claiming to move money across borders in minutes with reduced costs.
Demand for Blockchain Payments in the Region
According to Ripple's report, 64% of financial executives in the Middle East and Africa emphasize the importance of faster payments and settlements as a key reason for adopting blockchain technology. The DFSA license allows Ripple to operate actively in Dubai, providing full cross-border payment services.
Ripple's Future in the UAE
Ripple holds over 60 licenses globally and actively develops its presence in the UAE. The expected business growth in the region, projected to exceed one million companies by 2030, creates favorable conditions for payment innovations.
Ripple's expansion in the United Arab Emirates underscores the growing demand for efficient financial solutions and the adoption of blockchain technologies in the region.
