Latest news with #ChiragSampat
Fintech News ME
20-05-2025
- Business
- Fintech News ME
Ripple Secures UAE Partnerships with Zand Bank and Mamo for Blockchain Payments
Ripple has announced two new partnerships in the UAE for its Ripple Payments service. The cross-border payments platform, which uses blockchain technology and a network of global payout partners, will now be used by Zand Bank and Mamo. The development follows Ripple's recent approval by the Dubai Financial Services Authority (DFSA), making it the first blockchain-based payments firm to be licensed by the regulator. The DFSA license enables Ripple to offer end-to-end payment services in and out of the UAE, operating continuously and settling transactions within minutes. 'With the DFSA license, Ripple can address inefficiencies in traditional cross-border payments, including high fees, long settlement times, and limited transparency,' said Reece Merrick, Managing Director, Middle East and Africa at Ripple. 'Our partnerships with Zand Bank and Mamo reflect the momentum created by the licence. As the global cross-border payments market expands, the UAE's regulatory support for crypto innovation positions the country and its companies to benefit from blockchain technology.' Ripple noted that demand for its payments platform is growing across the Middle East, from both crypto-native firms and traditional financial institutions. The company's 2025 New Value Report found that 64% of financial leaders in the Middle East and Africa identified faster payment and settlement times as the main reason to incorporate blockchain-based currencies into cross-border transactions. Chirag Sampat, Head of Treasury and Markets at Zand Bank, said the institution is focused on supporting the UAE's digital economy through a combination of AI, blockchain services, and digital asset custody. 'Our collaboration with Ripple highlights our commitment to enabling global payments through blockchain. We also plan to launch an AED-backed stablecoin to facilitate more efficient digital transactions.' Ripple Payments currently supports more than 90 payout markets, covering over 90% of the global daily FX market and processing more than US$70 billion in volume. The service is available in Dubai, the United States, Brazil, Mexico, Australia, and Switzerland. Ripple holds over 60 regulatory licenses and registrations globally, including the DFSA license granted in March 2025.
Yahoo
20-05-2025
- Business
- Yahoo
Ripple Signs Two More Payment System Customers in UAE Expansion
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%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
