Ripple Labs, the developers behind the cryptocurrency XRP, has been at the forefront of expanding the crypto space in the UAE. With its advertising caption “Crypto Means Business” in Dubai, the company signals its interest in driving significant changes in the crypto industry within the emirate.
On March 13, the crypto firm has secured a Dubai Financial Services Authority (DFSA) license to provide regulated blockchain-powered payments in the country.
And, now, the company announced the integration of two blockchain-based payment clients, Zand Bank and Mamo, becoming the first-of-its-kind company in the UAE.
With the integration, Zand Bank, the first fully licensed all-digital bank in the UAE, and Mamo, a payment gateway, can utilize Ripple Payments to deliver fast, transparent, reliable cross-border payments and on/off ramps for banks.
What does this integration mean to Ripple?
A press release by the firm stated that this collaboration, alongside the DFSA license, enables Ripple to “manage payments end-to-end on behalf of its customers, moving funds across the globe, and settling payments in a matter of minutes, reducing time and friction”.
Moreover, the DFSA license is a strategic win for Ripples because it provides better solutions to the “inefficiencies of traditional cross-border payments”, including high fees, long settlement times, and a lack of transparency.
Ripple’s 2025 New Value Report states that 64% of finance leaders in the Middle East and Africa believe that faster payments and settlement times are the core reasons why they incorporate cryptocurrencies in cross-border transactions.
What does Ripples’ integration with payment clients mean to Dubai?
As Ripple onboards the two clients, Zand Bank and Mamo, with the DFSA license, it positions Dubai as a significant player in the crypto and blockchain economy. The collaboration would also ensure trust with global partners, institutional investors, and the financial community across the world.
The emirate’s Dubai Multi-Commodities Center (DMCC) launched the DMCC Crypto Center to bolster blockchain companies. According to the latest report, the DMCC Crypto Center has expanded to host over 500 crypto companies.
What’s more, in January 2025, DMCC and REIT Development announced the launch of ‘Crypto Tower’ in Jumeirah Lakes Towers (JLT) to house blockchain and web3 companies alongside projecting the real use case of blockchain in real estate.
