Ripple has acquired approval in-principle from the Dubai Financial Services Authority (DFSA). This approval allows Ripple to take its operation outside of the Dubai International Financial Centre (DIFC) and into the rest of the UAE.
We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. 🌍🇦🇪https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024
Ripple RPD Service
After getting this approval, Ripple plans to launch Ripple Payments Direct (RPD) in the UAE. This service is expected to enhance faster and cheaper cross border transactions for the businesses and entities in the region.
This corresponds with Ripple’s vision of enabling compliance while adopting the best technology features. The company is also concentrating on enhancement of basic features. This includes managing the liquidity, storing assets safely and converting between fiat and cryptocurrencies.
CEO Praises UAE
Brad Garlinghouse, Ripple’s CEO, praised the UAE for its clear and forward-thinking regulatory approach. He stated:
With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.
Strategic Location Chosen
The DFSA’s approval makes Ripple the first payment provider to operate with a licensed system. This expansion strategy comes after the company opened its office in Dubai the previous year.
Ripple decided to focus on the UAE as a financial and trading hub. The company plans to expand its operations in the country. A key focus is also tapping into emerging markets in the Middle East, Africa, and South Asia.
Salmaan Jaffery, DIFC’s Chief Business Development Officer, highlighted that innovation and growth are key drivers of the financial industry. He welcomed Ripple’s expansion, saying that Dubai is a strategic location with an excellent business legal system.
Ripple CEO Urges Caution Post Indian Apex Court YouTube HackRipple’s approach involves engaging with regulators worldwide to facilitate compliance. Currently, the company possesses more than 55 worldwide permits, including the Singapore, New York, and Ireland permits.
Reece Merrick, Ripple’s Managing Director in MEA, said that DFSA’s approval is a big boost to their business. To address the increasing need for effective cross-border payments, Ripple has 20% of its global customers in the UAE.
Ripple’s ongoing regional investment involves the DIFC Innovation Hub and NYU Abu Dhabi as its partners. These partnerships promote the growth of blockchain solutions in the UAE. Additionally, the collaborations support the advancement of financial technologies in the region.
