- Zand Bank and Mamo, will leverage Ripple Payments and which indicates the rising momentum in the area for blockchain-backed payments.
- Ripple Payments handles more than $70 billion in transactions and has over 60 regulatory approvals around the globe.
Ripple has recently collaborated with two new partners, Zand Bank and fintech company Mamo, in order to widen its network in the United Arab Emirates (UAE). The collaboration will help to leverage its blockchain-based cross-border payments platform.
On May 19, Ripple released a press release to make an announcement, followed by the recent push of the platform to set foot in the Middle East.
In March this year, Ripple became the first blockchain-enabled payment platform to receive full licensing approval by the Dubai Financial Services Authority, which permits it to function in the Dubai International Financial Center.
Both the collaborators, Zand Bank and Mamo, will leverage Ripple Payments and which indicates the rising momentum in the area for blockchain-backed payments, mainly as financial institutions and fintechs are seeking to improve efficiency and settlement times.
The Managing Director for the Middle East and Africa, Reece Merrick, revealed that after having a new DFSA license, the firm can now manage payments end-to-end in the UAE, transferring funds globally, anytime, with near-instant settlement.
He further went on to add that the collaboration with Zand and Mamo mirrors the strong demand for efficient, blockchain-based alternatives to inherit payment rails.
The Collaborator’s Stance
Zand Bank is the first complete digital bank of the UAE having a banking license. The bank mentions that the collaboration is in line with its goal to provide institutional-grade blockchain solutions and digital asset services. To enhance the speed of domestic as well as international transactions, the bank has also planned to launch a stablecoin backed by AED.
Mamo is a consumer-focused fintech that sees collaboration as simplifying global payments for UAE-based businesses and individuals. Imad Gharazeddine, the chief executive officer, highlighted that the blockchain-backed settlements of Ripple will permit UAE businesses to grow internationally.
Ripple Payments handles more than $70 billion in transactions and over 60 regulatory approvals over the globe. It has plans to position itself as a prominent infrastructure supplier for blockchain-based financial services in the Middle East and other regions.
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