Ripple has reached a significant milestone by obtaining in-principle license approval from the Dubai Financial Services Authority (DFSA), allowing it to expand operations in the UAE.
With the endorsement from DFSA, Ripple is introducing its cross-border payment solutions, including Ripple Payments Direct, into the UAE market. This aligns with the company’s strategy of delivering faster and more efficient payment solutions for businesses worldwide.
As per Ripple’s CEO, Brad Garlinghouse, UAE is taking significant strides. It is positioning itself as a leader on the financial scale. One way it’s doing this is by providing a clear and pragmatic regulatory framework. It allows innovative businesses to thrive and scale without unnecessary regulatory burdens.
Clear regulations and a strategic position have been decisive for Ripple in setting up its strong presence in UAE. Also, the Dubai International Financial Centre, where Ripple operates its regional headquarters, is a place believed to be the centre for financial innovation and technology in the Middle East.
Ripple global regulatory compliance
However, Ripple’s in-principle approval from the DFSA is a testament to its continued commitment to regulatory compliance. With over 55 licenses, it is in a unique position to leverage its work with key regulators to bolster operations.
Managing Director, Middle East and Africa, Reece Merrick, said that more than 20% of Ripple’s global customers are based in the UAE. This demonstrates the importance of this market to Ripple’s growth strategy.
In addition to receiving this license, Ripple also partnered with the DIFC Innovation Hub to further reinforce its position. It is thus uniquely positioned to play a critical role in furthering the UAE’s vision to become the world’s leading fintech hub.
