PANews reported on May 19 that according to Ripple's official website, Ripple announced a partnership with UAE's Zand Bank and Mamo, and both will access Ripple's blockchain-based cross-border payment solution. This is the first major local expansion of Ripple after it obtained the payment license from the Dubai Financial Services Authority (DFSA) in March this year. With this system, customers can achieve 7x24 hours of cross-border payment and settlement, greatly improving efficiency and reducing costs. Zand Bank also plans to launch a stablecoin pegged to AED to enhance local digital payment capabilities. Ripple said its payment network has covered more than 90 markets, with a cumulative processing volume of more than US$70 billion.