tl;dr
Ripple has partnered with Dubai-based Zand Bank and fintech firm Mamo to use Ripple’s blockchain-powered cross-border payment technology, enabling 24/7 transactions with improved speed and efficiency. This expansion supports Dubai's growing blockchain adoption and digital economy, with Zand Bank als...
Ripple has partnered with Dubai-based Zand Bank and fintech firm Mamo to deploy blockchain-powered cross-border payment technology, marking a significant expansion in the region. This collaboration enables 24/7 transactions with improved speed and efficiency, supporting Dubai's growing blockchain adoption and digital economy.
Zand Bank, the UAE’s first digital-only bank, plans to launch a UAE dirham-pegged stablecoin to enhance local digital payment systems, offering a stable and efficient medium for transactions within the UAE’s digital economy. Mamo aims to simplify global payments for businesses and consumers utilizing Ripple’s technology, as the UAE's business sector experiences rapid growth.
Ripple recently secured a regulatory license from the Dubai Financial Services Authority (DFSA), allowing it to offer crypto payment services within the Dubai International Finance Centre (DIFC). This regulatory milestone complements Ripple’s existing presence in other key markets, including the US, Brazil, Mexico, Australia, and Switzerland, with over 60 regulatory licenses globally.
Ripple Payments, the blockchain-powered platform involved, facilitates near-global reach with access to over 90 payout markets worldwide and processes more than $70 billion in annual transaction volume. This scalability and reliability position Ripple as a trusted partner for financial institutions.
However, despite its extensive global expansion, Ripple continues to face ongoing legal challenges with the US Securities and Exchange Commission (SEC). A recent court decision denied a joint motion from Ripple and the SEC, citing procedural concerns, which has negatively impacted XRP's price. XRP's trading value recently declined to approximately $2.30, reflecting a 4.4% decrease over the past week and a 3.2% drop in the last day.
This partnership and regulatory approval underscore Ripple’s commitment to innovating payment systems and expanding blockchain adoption in the Middle East, while also navigating complex legal landscapes in other jurisdictions.