Ripple is deepening its presence in the Middle East by partnering with Dubai-based Zand Bank and fintech startup Mamo to support real-time cross-border payments using blockchain infrastructure. The move comes as the UAE positions itself as a regional leader in digital finance, while Ripple continues to face unresolved legal issues with U.S. regulators.
Zand Bank, the UAE’s first fully digital bank, and Mamo, a payments-focused fintech platform, are integrating Ripple’s blockchain-based payment network to offer faster, round-the-clock settlement services. The collaboration is part of a broader regional push to modernize financial infrastructure using emerging technologies, including blockchain, artificial intelligence, and digital assets.
At the same time, Zand has announced plans to develop a UAE dirham-pegged stablecoin designed to support domestic digital payments. This local stablecoin initiative aligns with broader ambitions across the Gulf to reduce reliance on traditional banking rails, improve settlement efficiency, and support the future of programmable finance.
Meanwhile, Ripple’s regulatory foothold in the UAE has strengthened with the company securing a digital asset license from the Dubai Financial Services Authority (DFSA) in March 2025. The license enables Ripple to operate within the Dubai International Financial Centre (DIFC), a special economic zone geared toward financial innovation and international capital flows.
Middle East Push Coincides With Regulatory Tensions in the U.S.
Ripple’s recent UAE integrations follow a strategic global expansion drive, as the company seeks to offset the headwinds created by its long-running legal battle with the U.S. Securities and Exchange Commission (SEC). A joint motion to resolve procedural elements of the lawsuit was denied last week by Judge Analisa Torres, keeping the outcome - and potential penalties - unresolved.
The SEC-Ripple dispute, which hinges on whether XRP constitutes an unregistered security, continues to weigh on the company’s U.S. operations and the market performance of its native token. XRP fell by 4.4% last week and dropped another 3.2% in the past 24 hours, according to BeInCrypto data. At the time of writing, the token traded at $2.30.
While the litigation drags on, Ripple is focusing on jurisdictions with clearer regulatory frameworks for digital assets. The UAE has emerged as a preferred destination, offering regulatory clarity, licensing pathways, and government support for blockchain integration across sectors including payments, real estate, and logistics.
Ripple’s regional expansion isn’t occurring in isolation. The UAE has been steadily building a digital finance ecosystem that includes central bank digital currency (CBDC) pilots, digital banking licenses, and a sandbox regime for fintech innovation. In October 2023, the Central Bank of the UAE announced its first real-value CBDC transfer under the mBridge project, a joint initiative with China, Thailand, and the Bank for International Settlements.
Zand Bank's Strategic Entry into Stablecoins
Zand Bank’s plan to launch a UAE dirham-pegged stablecoin marks a notable development in the region’s evolving digital asset landscape. While Gulf nations have so far avoided launching retail-facing CBDCs, stablecoins issued by licensed financial institutions could offer an intermediary step - bridging the gap between fiat currencies and blockchain infrastructure.
Unlike algorithmic or overcollateralized stablecoins, which can suffer from volatility and trust deficits, a fiat-pegged stablecoin issued by a fully regulated bank offers a higher degree of transparency and stability. Such a tool could streamline government payments, B2B transactions, and cross-border remittances in a region with a large expatriate population and high outbound remittance volumes.
Zand is positioning this stablecoin as part of a broader digital asset strategy that includes institutional-grade custody services and AI-enhanced financial products. The move aligns with growing international interest in compliant, bank-issued stablecoins - especially as global regulatory bodies increase scrutiny of privately issued tokens.
Mamo Leverages Ripple Tech to Scale Payment Reach
Mamo, a Dubai-based fintech firm focused on simplifying financial transactions for individuals and businesses, is similarly integrating Ripple’s infrastructure to expand its payment capabilities. Founded in 2019, Mamo targets SMEs and freelancers in the Gulf region, offering a digital wallet and payment gateway that competes with legacy financial services.
For Mamo, integrating with Ripple enables faster and more cost-effective international transfers - particularly critical for freelancers, small businesses, and gig workers often underserved by traditional banks. This also complements Mamo’s ambitions to serve the growing number of global entrepreneurs setting up operations in the UAE. Government projections estimate that over one million businesses will be active in the UAE by 2030, driven by favorable tax regimes, tech infrastructure, and liberal visa policies.
While Ripple provides the backend technology, Mamo retains control over the customer-facing layer, including compliance, user experience, and settlement mechanisms. This modular approach reflects a broader fintech trend: the unbundling of financial services, with infrastructure providers like Ripple serving as rails while local entities build differentiated services on top.
Regulatory Licensing Expands Ripple's Operational Scope
The partnership with Zand and Mamo builds on Ripple’s prior licensing win in Dubai. Its DFSA approval grants Ripple the ability to offer crypto-based payment solutions to institutional clients within the DIFC, a jurisdiction with its own legal and regulatory framework separate from mainland UAE.
The DIFC has positioned itself as a magnet for global fintech firms seeking to operate in the Middle East without navigating the complexity of multiple overlapping financial regulators. As of early 2025, the DIFC houses over 4,500 companies, including major international banks, asset managers, and fintech startups.
Ripple’s DFSA license also allows it to market its services to clients across the wider region, including in Saudi Arabia, Bahrain, and Egypt - provided it complies with those jurisdictions' local rules. This positions Ripple as a potential infrastructure partner not just for private firms but also for central banks and government-linked entities experimenting with digital payment rails.
Globally, Ripple now holds more than 60 licenses and registrations, covering jurisdictions including Brazil, Mexico, Switzerland, Australia, and the United Kingdom. These licenses allow Ripple to offer a range of financial services, from cross-border payments to on-chain liquidity provisioning.
Growing Momentum for Blockchain-Powered Payments in the Gulf
Ripple’s partnership with UAE entities fits within a broader Middle Eastern push to digitize economic activity and attract fintech investment. Gulf nations are investing heavily in digital identity systems, smart city infrastructure, and national-level blockchain platforms to support trade and governance.
The UAE, in particular, has implemented a number of initiatives aimed at digital transformation:
- Emirates Blockchain Strategy 2021, aimed to shift 50% of government transactions to blockchain.
- The UAE Pass, a national digital identity used across private and public services.
- VARA (Virtual Asset Regulatory Authority), launched in Dubai to supervise and license crypto-related firms across the emirate (outside DIFC).
- Ripple's presence in the UAE also dovetails with growing demand for faster and cheaper remittance services.
The UAE was the world’s second-largest sender of remittances in 2023, with outbound flows exceeding $45 billion, according to World Bank data. Blockchain-powered solutions offer a compelling alternative to legacy SWIFT-based transfers, which are often costly and slow, especially for low-income migrant workers.
Ripple’s Dual Trajectory: Global Growth vs. Domestic Friction
While Ripple expands abroad, it continues to face significant legal uncertainty in its home market. The unresolved SEC lawsuit remains a material overhang on both its business and XRP’s utility within the U.S. financial system.
Despite early legal victories, including a partial ruling that XRP is not a security when sold to retail investors, ongoing procedural delays have stifled momentum. The latest denial of a joint motion for judgment reflects the court’s view that additional fact-finding may be necessary, prolonging an already three-year-long case.
That legal ambiguity has had tangible business consequences. U.S. exchanges remain cautious about relisting XRP, and some institutional partners have delayed broader deployment of Ripple’s liquidity solutions in the U.S. market.
This regulatory divergence between the U.S. and forward-looking jurisdictions like the UAE underscores a growing fault line in global crypto development. As U.S. agencies pursue enforcement-based approaches, other countries are crafting licensing regimes to integrate blockchain into traditional finance.
Ripple’s alliance with Zand Bank and Mamo marks a significant step in the company’s efforts to pivot toward jurisdictions offering regulatory clarity and fintech openness. By anchoring itself within the UAE’s digital finance ecosystem, Ripple is both expanding its global footprint and mitigating its exposure to domestic regulatory constraints.
The addition of a dirham-backed stablecoin, coupled with real-time cross-border settlement infrastructure, suggests that blockchain-powered payments are moving beyond the experimental phase in the Gulf. For Ripple, the partnership is a calculated bet on where fintech innovation will thrive in the coming decade—far from Washington, and firmly within the reach of digital-first economies like the UAE.