Ripple, a leading provider of digital asset infrastructure, has received in-principle approval from the Dubai Financial Services Authority (DFSA). It will expand its services from the Dubai International Financial Centre (DIFC). This is a significant step for Ripple, allowing it to introduce efficient cross-border payment services. These include Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
On this approval, Ripple aims to sell its enhanced digital asset solutions to more customers in the UAE. Its key goal is to offer various business clients a fast and cheap way to make cross-border payments. Ripple’s CEO, Brad Garlinghouse, stressed the benefit of blockchain technology saying that the UAE is fast becoming a financial technology hub because of the favourable conditions for innovation.
DFSA has licensed Ripple as the first payment services provider to use blockchain technology. This is a significant development in Ripple’s expansion plan in the Middle East, after establishing its Middle East headquarters in Dubai last year. Another reason that the UAE benefits Ripple is that its legal requirements are precise, and it is considered an important financial centre.
20% of Ripple’s Customers Located in UAE
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, welcomed Ripple’s expansion, saying that Dubai has a favourable legal environment for financial technology companies. He stressed the geographical advantage of Dubai and its focus on building a progressive financial environment.
This new license aligns with Ripple’s global strategy to collaborate with regulators to support compliant blockchain solutions. Currently, Ripple has over 55 licenses from different jurisdictions including the Monetary Authority of Singapore and the Central Bank of Ireland.
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said that over 20% of its customers are located in the UAE. He underlined the fact that the company focuses on the satisfaction of its clients, as well as the requirements of local legislation.
Ripple is also scaling up its dedication to blockchain advancement through a collaboration with the DIFC Innovation Hub. This partnership allows developers to access over 1,000 technology companies and venture capital organisations. Ripple has also extended its collaboration with NYU Abu Dhabi to enhance blockchain work and exploration.
Lastly, Ripple’s growth in the UAE demonstrates the company’s commitment to the development of blockchain and the need for enhanced payment systems within the region.
