Latest news with #ZandBank
Zawya
21-05-2025
- Business
- Zawya
Ripple builds on Dubai regulatory license to announce Zand Bank and Mamo as first blockchain-enabled payments clients in the UAE
Dubai – Ripple, the leading provider of digital asset infrastructure for financial institutions, today announced two new customers in the UAE utilizing Ripple Payments. Ripple Payments employs blockchain, digital assets, and a global network of payout partners to deliver fast, transparent, reliable cross-border payments and on/off ramps for banks, crypto companies, and fintechs worldwide. Since becoming the first blockchain-enabled payments provider to be licensed by the Dubai Financial Services Authority (DFSA), Ripple has established partnerships with Zand Bankand Mamo who will utilize Ripple's blockchain-enabled cross-border payments solution. This functionality, paired with the new DFSA license, enables Ripple to manage payments end-to-end on behalf of its customers, moving funds across the globe 24/7/365, and settling payments in a matter of minutes – reducing time and friction, and making the movement of value in and out of the UAE dramatically more efficient. 'Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world's largest cross-border payments hubs. Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business,' said Reece Merrick, Managing Director, Middle East and Africa, at Ripple. 'As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology to drive efficiency and innovation in payments." Ripple is seeing increasing demand for its payments solution across the Middle East from both crypto-native firms and traditional financial institutions. According to Ripple's 2025 New Value Report, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest impetus for incorporating blockchain-based currencies into their cross-border payments flows. 'As a pioneering financial institution with a full-fledged banking license, Zand Bank is paving the way for a stronger digital economy by offering innovative financial products as well as AI and blockchain solutions alongside our institutional-grade digital asset custodial services,' commented Chirag Sampat, Head of Treasury and Markets at Zand Bank. 'Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin, designed to further enhance seamless and efficient transactions in the rapidly evolving digital economy.' 'The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we're proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,' said Imad Gharazeddine, CEO and co-founder of Mamo. 'Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers, helping companies across the UAE scale with confidence.' Ripple's simple, secure, compliant digital asset infrastructure means it is well-positioned to provide the core services that financial institutions need to tokenize, store, exchange and move digital assets. Ripple Payments has near-global coverage with 90+ payout markets representing more than 90% coverage of the daily FX markets, processing more than $70 billion in volume. Ripple's licensed payments solution is now available in Dubai, the U.S., Brazil, Mexico, Australia and Switzerland. Ripple has over a decade of experience in the digital asset space and holds 60+ regulatory licenses and registrations in various jurisdictions, including its DFSA license, which was granted in March 2025. About Ripple Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple's solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple's payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value. About Zand Bank Licensed by the Central Bank of the UAE, Zand is an AI-powered bank founded to support the digital economy and bridge the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi). Our mission is to revolutionize the world of finance by leveraging AI, Blockchain Technology, and client-centric solutions to empower corporate, institutional, fintech, and wealth clients to thrive in the evolving digital economy. Our purpose is to empower innovators, ambitious leaders, and bold pioneers to shape the future of finance and unlock new opportunities for success. Zand combines the speed and flexibility of a fintech, with the security and strength of a fully licensed bank. Zand, the AI-powered bank for the digital economy. For more information, please visit About Mamo Mamo is a UAE-based fintech company that helps hundreds of businesses save time and costs by automating payment collection and corporate expense management through a single platform. In 2022, Mamo became the first fintech startup licensed by the DFSA with a Category 3C Providing Money Services license. For more information about Mamo and its services, visit
Crypto Insight
20-05-2025
- Business
- Crypto Insight
Ripple launches cross-border blockchain payments in UAE
Ripple, the creator of cryptocurrency XRP, launched cross-border blockchain payments in the United Arab Emirates (UAE), a development that could spur the adoption of cryptocurrency in a country receptive to digital assets. Zand Bank, the UAE's first all-digital bank, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the principal users of the blockchain payments system, according to a May 19 Ripple announcement. Zand Bank and Mamo will use 'Ripple Payments' to facilitate cross-border blockchain payments. Ripple Payments is a platform that combines stablecoins, cryptocurrency, and fiat to enable payments and quick settlement times, a feature of Web3 that cross-border traditional finance payment systems often lack. Ripple was licensed to offer crypto payments by the Dubai Financial Services Authority (DFSA) in March. Reece Merrick, Ripple's managing director for the Middle East and Africa, said acquiring this license 'enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world's largest cross-border payments hubs.' UAE ranked 56 out of 151 countries for crypto adoption Chainalysis, a blockchain data platform, ranked the United Arab Emirates 56th out of 151 countries for crypto adoption, according to a 2024 report. The country scored high in decentralized finance, stablecoin use, and altcoins. The UAE has made some changes that may further increase its ranking. Various emirates, including Abu Dhabi and Dubai, have attempted to establish themselves as crypto hubs. In December 2024, Tether's USDt became an accepted virtual asset in Abu Dhabi. In 2025, Circle's USDC and EURC became the first stablecoins recognized under the emirate's crypto token regime. The country is also continuing plans to establish a digital dirham, which would be a central bank digital currency. On May 19, Dubai's Virtual Assets Regulatory Authority (VARA) announced more oversight for crypto asset activities, specifically margin trading and token distribution. There will be a 30-day transition period, and affected companies will be expected to comply with the new rules by June 19. Source:
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
Zawya
05-05-2025
- Business
- Zawya
Dubai Tokenization platform launches real estate tokenized investment for both retail and institutional investors
Enables fractional real estate investment starting from just $1, opening global property markets to a broader class of investors ForteXchain is powered by Fasset, in collaboration with Zand Bank to ensure secure, regulated digital asset custody and real-world asset tokenization in high-growth markets Launching in the UAE with a Dubai property offering in 2025, followed by global expansion and large-scale real estate tokenization Dubai, UAE – Capital Investment Holding Ltd., and Fasset, in collaboration with Zand Bank, today announced the launch of ForteXchain — a new blockchain-powered platform, that is designed to make global real estate investment more accessible and efficient through tokenization. The UAE, with its dynamic real estate sector and forward-thinking digital asset regulations, serves as the ideal launchpad for fractional real estate investment. ForteXchain eliminates traditional barriers to real estate investing by lowering entry costs, streamlining regulatory processes, and opening access to both novice and seasoned investors. By leveraging blockchain technology, the platform enables fractional investment in real-world properties starting from just $1 drastically reducing the participation threshold and offering unprecedented flexibility to both retail and institutional investors, subject to local regulations. ' Zand is proud to be the first UAE bank to offer institutional-grade custodial solutions, with private keys securely held within the UAE, ' said Michael Chan, CEO of Zand. ' Our mission is to accelerate the growth of the digital economy by expanding global access to tokenized Real-World Assets (RWA), including the real estate market, with unparalleled security, transparency, and regulatory compliance. ' Through tokenization, ForteXchain converts real estate assets into digital tokens, simplifying cross-border transactions and creating new liquidity channels for developers. This innovative approach connects real estate developers with a global investor base and accelerates capital raising while reducing reliance on traditional legal and financial intermediaries. In its inaugural issuance round, ForteXchain will present a curated portfolio of tokenized real estate assets across multiple countries. Letters of Intent (LOIs) have already been issued for the following jurisdictions, with due diligence and project exploration underway: Spain: Elysium City, a pioneering €18 billion sustainable development by Elysium City Spain, is set to transform a 12 million m² site in Extremadura, Spain into a regenerative urban ecosystem over multiple phases in the coming years. Envisioned as a biophilic, self-sufficient city powered by renewable energy, the project will feature over 13,000 homes and create an estimated 56,000 jobs. UAE: Centurion Properties Group & Arabia Capital is a UAE-based Real Estate investment firm specializing in real estate development and hospitality projects across the UAE encompassing residential, commercial, and mixed-use developments. Among its upcoming projects, Centurion Properties Group & Arabia Capital is focusing on Burj Capital, Arabia Residences, and Centurion Business Complex. Malaysia: Bin Zayed International, a leading UAE-based investment group, has announced a significant multi-sector investment plan in Malaysia over the next five years, with a strong focus on real estate, renewable energy, and financial services. Jazz City (Kulim, Kedah) - an ongoing project - is a flagship mixed-use development spanning 70.34 acres in Kulim, Kedah known as the 'Technology City' of northern Malaysia. Additional projects are under review and will be announced in the coming weeks. This initial phase will be followed by a comprehensive roadmap to bring these assets to market. ForteXchain's mission is to redefine how real estate is bought, sold, and invested in unlocking global participation and liquidity through a secure, blockchain-based infrastructure. Following this initial rollout, Phase Two will onboard institutional real estate projects. Phase Three will open the platform to both retail and institutional real estate projects, enabling them to submit and tokenize projects aligned with their respective investment profiles. ForteXchain leverages Fasset's existing regulatory licenses, which provide secure access to high-growth markets such as the UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey. Zand Bank — a UAE-based AI-powered bank offering institutional-grade digital asset custody will act as the custody partner, responsible for safeguarding investor assets and funds. 'With global real estate valued at over $300 trillion, tokenization unlocks new opportunities for wealth creation and democratizes access to investment,' said Daniel Ahmed, COO and Co-Founder of Fasset. 'Fasset is proud to support ForteXchain with our technology and licensing expertise, enabling secure and compliant access to tokenized real estate.' How It Works: ForteXchain operates on Fasset's digital platform. Users begin by completing identity verification (KYC) to ensure compliance and security. Once verified, users can purchase digital tokens representing shares in specific properties. These tokens can be traded on a regulated marketplace offering liquidity rarely available in traditional real estate markets. Key Platform Features: Fractional ownership of vetted real estate assets Regulated digital marketplace for token trading Transparent blockchain-based transaction records Secure custody of funds and institutional-grade security for digital assets via Zand Bank Regulatory oversight facilitated by Fasset Built-in insurance coverage for fraud and asset protection Target Markets and Future Expansion: ForteXchain's initial target markets include the UAE, Indonesia, Malaysia, and select European countries. Future expansion plans include Bahrain, Bangladesh, Pakistan, Turkey, and South America. Real estate tokenization will eventually migrate to Own, a blockchain developed by Fasset specifically for Real-World Asset (RWA) transactions, following its mainnet launch in late 2025. Investment opportunities will span a diverse range of real estate asset types: development projects, income-generating properties, luxury and hospitality ventures, and institutional portfolios. This flexibility enables investors to align their investments with individual strategies and risk profiles — from young professionals to high-net-worth individuals. To learn more, visit About Capital Investment Holding Ltd. Capital Investment Holding Ltd. is a distinguished financial services firm specializing in strategic investments and asset management. With a diversified portfolio across sectors, the company is dedicated to identifying and nurturing high-potential opportunities that deliver long-term value. Its expertise in navigating complex financial environments makes it a trusted partner in the global investment community. About Fasset Fasset is a digital asset platform committed to driving financial inclusion in emerging markets. In 2024, Fasset launched Own, its Ethereum Layer 2 solution, designed to democratize access to decentralized finance. Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset holds regulatory approvals across several jurisdictions, including the UAE, Indonesia, Malaysia, the EU, Turkey, Pakistan, and Bahrain with expansion plans underway. About Zand Zand is the first fully licensed all-digital bank in the United Arab Emirates, founded to support the digital economy and bridge the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi). Our mission is to revolutionize the world of finance by leveraging AI, Blockchain Technology, and client-centric solutions to empower corporate, institutional, fintech, and wealth clients to thrive in the evolving digital economy. Our purpose is to empower innovators, ambitious leaders, and bold pioneers to shape the future of finance and unlock new opportunities for success. Zand combines the speed and flexibility of a fintech, with the security and strength of a fully licensed bank. Zand, the AI-powered bank for the digital economy.
