Ripple News: Collaboration with the Main Bank in UAE, XRP to Payment Infrastructure

Ripple, a global tech company that focuses on fast and secure payments, has made another big move in the world of digital finance. 

The company has joined hands with Zand Bank, a digital bank in the United Arab Emirates (UAE), and Mamo, a local financial technology (fintech) company. This partnership is designed to make sending money between countries faster, cheaper, and easier.

The news comes after Ripple received an important licence from the Dubai Financial Services Authority (DFSA). This licence allows Ripple to offer more services in Dubai, which is one of the world’s biggest financial centres. 

Now, with this new partnership, Ripple’s technology and its digital coin called XRP will help improve how people and businesses send money across borders in the UAE and other countries.

How Ripple Helps Banks Like Zand and Fintechs Like Mamo

Ripple’s technology uses a system called blockchain. This system lets money move quickly and securely without needing traditional banks in the middle. 

Now, Zand Bank and Mamo will use this technology in their payment systems. Their goal is to make cross-border payments (sending money to another country) faster and cheaper.

Ripple already works with over 90 markets around the world and handles more than $70 billion in money transfers. That’s a big deal! By using Ripple, banks like Zand and startups like Mamo can give their customers a better experience when sending money overseas.

As part of the partnership, Zand Bank is also creating a new kind of digital coin. This coin will be backed by the UAE Dirham (AED), the country’s official currency. It’s called a stablecoin, and it will help make money transfers inside the UAE smoother and quicker.

Read more: Ripple Partners with UAE Officials to Build Digital Payment Ecosystem and Infrastructure

Fixing Payment Problems in the Middle East

Reece Merrick, the head of Ripple in the Middle East and Africa, said the new DFSA licence allows Ripple to solve big problems in the region. These include:

• High fees when sending money across borders

• Delays in getting payments

• Lack of clear information on transactions

Merrick said the partnership with Zand Bank and Mamo shows how Ripple is growing in one of the most important regions for global money transfers.

Ripple wants to fix old, slow systems and make sending money as easy as sending a text message. This is especially helpful for people who work abroad and send money back to their families.

Read more: Ripple's Global Partnerships: List of Countries That Have Collaborated with Ripple

UAE Becomes a Leader in Crypto and Blockchain

The UAE is becoming a major hub for blockchain and digital finance. A report by Ripple says that 64% of financial experts in the Middle East think speed is the most important reason to use digital payment tools.

Because of this, more and more companies in the region want to work with Ripple. Both crypto companies and traditional banks are showing strong interest. 

Ripple’s boss in the region said that the UAE’s rules and laws make it easy for companies to test new ideas and grow. That’s why the UAE is attracting more tech and financial firms.

Imad Gharazeddine, CEO of Mamo, agrees. He believes that the UAE’s friendly rules will bring even more innovation. According to him, the country is not only a good place to do business but also a leader in modern finance.

Also Read: Ripple (XRP) Price Prediction: Could it Go to Hit $5, $9

XRP Role in This Partnership

Ripple uses a special digital coin called XRP in many of its transactions. XRP helps to move money quickly and cheaply between different currencies. 

While each partnership may use XRP differently, it often plays a key part in Ripple’s system. In this case, XRP may act as a “bridge” between different money types, helping with fast and affordable cross-border payments.

Conclusion

Ripple’s new partnership with Zand Bank and Mamo is a big step forward in making cross-border payments better in the Middle East. 

With support from the UAE smart rules and Ripple’s advanced technology, sending money across borders may soon be easier, faster, and more affordable for everyone. 

The partnership will help improve the way money is sent between countries. It will make the process faster, cheaper, and easier for both businesses and everyday people. 

The UAE has friendly rules and strong support for new technology. This makes it a great place for companies like Ripple to grow and try new things in finance.

FAQ

What is Ripple?

Ripple is a tech company that helps people and businesses send money around the world using blockchain technology. It makes cross-border payments faster, cheaper, and more transparent.

Who are Zand Bank and Mamo?

Zand Bank is a digital bank in the UAE. Mamo is a fintech company that offers easy and fast financial services. Both are working with Ripple to improve how money moves across borders.

What is XRP?

XRP is Ripple’s digital coin. It helps make payments between different currencies quick and low-cost.