Ripple partners with two financial companies in the UAE to expand Ripple payments in the Middle East market.

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## Expansion of business in UAE

Ripple announced on the 19th that two companies, Zand Bank and Mamo, in the UAE (United Arab Emirates) have become clients.

Ripple has already obtained approval to provide cryptocurrency payment methods and services at the Dubai International Financial Centre (DIFC). Zand Bank and Mamo explained that they will utilize Ripple's international remittance solution "Ripple Payments."

Zand Bank is a bank for the digital economy that utilizes AI (artificial intelligence). Additionally, Mamo is a payment company that offers services such as credit card services.

This time, Ripple stated that it will welcome both companies as clients under its business license in DIFC, aiming to improve the efficiency of value transfers both inside and outside the UAE, reducing processing times and minimizing friction.

Ripple has explained that there is a growing demand for its payment solutions among both cryptocurrency companies and traditional financial institutions in the Middle East. It also emphasized that Ripple Payment covers over 90% of the foreign exchange market and is becoming available on a nearly global scale.

Partner company comments

Chirag Sampat, the head of the finance and market division of Zand Bank, commented as follows in this announcement.

As a pioneer in financial institutions with a genuine banking license, we are making preparations to build a stronger digital economy. We will provide innovative financial products, along with digital asset custody services for institutions, and solutions utilizing AI and blockchain.

Collaboration with Ripple strongly demonstrates a commitment to enhancing international payment solutions using blockchain technology.

We are also planning to launch a stablecoin backed by the UAE currency (AED) soon. By using the stablecoin, we aim to facilitate seamless and efficient transactions in the rapidly evolving digital economy.

What is custody?

Refers to the act of holding and managing assets on behalf of investors and companies.

The comment from Mamo's CEO Imad Gharazeddine is as follows.

The UAE is in the process of significant development, with over a million companies expected to be based in the UAE by 2030. We are honored to be at the forefront of efforts to simplify international payments and make them accessible to everyone.

The partnership with Ripple is a significant step forward. With this collaboration, we will be able to provide a reliable and fast international remittance service for both businesses and consumers, which will help companies in the UAE confidently expand their operations.

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