Ripple earned a license from the Dubai Financial Services Authority, becoming the first blockchain payment provider licensed in Dubai’s International Financial Centre. This opens doors to the UAE’s $400 billion market and $40 billion remittance sector.
Ripple joined hands with Zand Bank, the UAE’s first all-digital bank, and fintech firm Mamo. Both will use Ripple Payments for fast, low-cost cross-border transactions using stablecoins, cryptocurrencies, and fiat currency.
Ripple Payments offers near-instant settlements, removing long delays common in traditional international bank transfers, making payments faster for businesses and individuals alike.
By cutting out middlemen, Ripple’s blockchain technology reduces transaction fees, helping save money on remittances and global payments.
All transactions are recorded on a public ledger, increasing traceability and reducing fraud risks, which builds trust and security in cross-border payments.
Using XRP and stablecoins helps banks avoid holding large amounts of foreign currency reserves, making their operations smoother and more cost-effective.
Ripple’s move supports the UAE’s vision to be a global crypto center. The expansion is expected to boost innovation, competition, and financial inclusion across the Middle East, especially benefiting businesses and expatriates.
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