Ripple
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Ripple has officially launched a blockchain-based international payment platform in the United Arab Emirates (UAE). This strategic move aligns with the region’s efforts to gain prominence in the digital asset arena. By collaborating with the nation’s first fully digital bank, Zand Bank, and fintech platform Mamo, Ripple aims to facilitate instant cross-border payments in the region.
A New Era Focused on Cryptocurrency in the UAE
With the platform’s rollout, Zand Bank and Mamo can integrate fiat currencies, stable crypto assets, and digital assets into a unified system using Ripple’s infrastructure. This new payment solution provides institutions and individual users with faster and more secure international transfer capabilities.
Mamo CEO and co-founder Imad Gharazeddine highlighted the partnership as a significant step for companies and consumers in the UAE concerning cross-border payments:
“The partnership with Ripple enables us to offer faster and more reliable cross-border payments, allowing UAE companies to scale confidently.”
Regulatory Approval and Regional Expansion
In March, Ripple announced acquiring regulatory approval from the Dubai Financial Services Authority (DFSA). This license empowers the company to offer digital asset-based payment services in the region. It allows Ripple to develop quick and transparent alternatives to traditional cross-border payment systems.
Reece Merrick, Ripple’s General Manager for the Middle East and Africa, stated that the UAE is one of the largest cross-border payment hubs globally:
“Securing this license enables us to better meet the demand for solutions addressing inefficiencies in traditional cross-border payment systems.”
International and Regional Crypto Endeavors
Ripple is not only investing in blockchain projects in the UAE but also in countries like Colombia. The company’s new initiative, Ripple Impact, aims to enhance supply chain processes in the agriculture sector, allowing buyers more accessible access to information. This strategy reflects the company’s policy to diversify its crypto-based initiatives globally.
The UAE continues to draft ambitious plans for crypto assets. Dubai has initiated a trial platform for the digitization of securities, excluding crypto assets and stablecoins. Abu Dhabi has established a new blockchain project fund with over $150 million in capital.
Ripple’s innovative payment platform in the UAE offers an alternative solution to the inefficiencies and lack of transparency of traditional financial systems. The company’s regional initiatives exemplify technological innovations in international money transfers and advancements in the crypto space. By partnering with financial institutions that allow users to transact with various currencies in one system, Ripple enhances its credibility through regulatory approvals. This development underscores the UAE’s commitment to fintech and digital assets, highlighting its role in global competition.