First Abu Dhabi Bank (FAB), recognized as one of the largest and safest financial institutions globally, has achieved a significant milestone by becoming a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS). This system serves as the official infrastructure for Renminbi (RMB) cross-border payments. This achievement highlights FAB’s commitment to digital transformation and...
First Abu Dhabi Bank (FAB) has made history by becoming the first bank in the MENA region to join the Cross-border Interbank Payment System (CIPS) as a Direct Participant. This system serves as the official cross-border payment infrastructure for the Renminbi (RMB), marking a significant step for the UAE’s global bank and one of the...
Ripple has announced that its stablecoin, RLUSD, has received approval as a recognized crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This approval solidifies RLUSD’s reputation as a trusted, enterprise-grade stablecoin, emphasizing regulatory compliance, utility, and transparency. RLUSD stands out as one of the few...
India and the United Arab Emirates (UAE) have embarked on a groundbreaking digital payments initiative through the expansion of the Unified Payments Interface (UPI), aiming to redefine cross-border transactions. This partnership is designed to provide super-fast, highly secure, and seamless payment options, significantly improving financial interconnectivity for millions of expatriates and facilitating global transactions. The...
Ripple, a leading provider of digital asset infrastructure for financial institutions, has announced its first customers in the United Arab Emirates (UAE). The partnerships with Zand Bank and Mamo will utilize Ripple Payments, which incorporates blockchain technology to offer fast and transparent cross-border payments. This service is designed for banks, crypto companies, and fintechs globally....
Ripple has significantly enhanced its presence in the United Arab Emirates by partnering with two new entities: Zand Bank and fintech firm Mamo, both of which will utilize Ripple’s blockchain-based cross-border payments platform. This strategic move aims to facilitate faster and more cost-effective international transfers using advanced blockchain technology. According to a press release from...