Ripple said it signed on two new UAE-based customers, Zand Bank and Mamo, as it expands Ripple Payments, the firm’s blockchain-based cross-border payments platform, in the region.
The agreements follow Ripple securing a license from the Dubai Financial Services Authority (DFSA) in March, allowing it to manage global payments end-to-end for banks, fintechs and crypto firms.
“Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments,” Reece Merrick, managing director for Middle East and Africa at Ripple, said in a Monday release.
Zand Bank said the partnership aligns with its push toward digital finance. “We are excited to soon launch an AED-backed stablecoin,” said Chirag Sampat, head of treasury and markets.
Imad Gharazeddine, CEO and co-founder of Mamo, said using Ripple’s services allows the company to offer “faster and more reliable cross-border payments” for both businesses and consumers looking to scale their UAE operations.
Ripple Payments currently operates in over 90 payout markets and has processed more than $70 billion in volume globally. The platform is available in Dubai, the U.S., Brazil, Mexico, Australia and Switzerland.
Ripple uses a global network of payout partners and blockchain infrastructure to move money in minutes. In some cases, it also uses its native digital asset, XRP, as a bridge currency through its On-Demand Liquidity (ODL) service, allowing clients to instantly convert one fiat currency to another using the token.
XRP prices are down 3.5% in the past 24 hours amid a broader market slump. The CoinDesk 20 Index has dropped 3.4%.