Ripple Accelerates Impact in UAE Receiving Payments Approval From DFSA

Ripple Global Payments & Financial Solutions for Businesses, the provider of digital asset infrastructure, has expanded its global footprint as a regulated entity as it secures in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).

The in-principle licence approval from the DFSA underscores Ripple’s strategy to expand its presence in the Middle East, following the establishment of its regional headquarters in Dubai in 2020. With DFSA authorisation, Ripple is set to roll out its digital asset infrastructure to a broader customer base in the UAE, enabling it to introduce cross-border payments to its customers in the country.

Ripple will be the first blockchain-enabled payment services provider to be licenced by the DFSA, the independent regulator of financial services conducted in or from the DIFC.

Salmaan Jaffery, chief business development officer of the DIFC Authority

Salmaan Jaffery, chief business development officer of the DIFC Authority said, “At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. Dubai’s strategic location and DIFC’s robust legal and regulatory framework, built on two decades of experience, makes this the ideal hub for international businesses looking to make a lasting impact.

“We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”

Continuing its expansion

The UAE’s regulatory clarity and strategic position as a global financial services and trade hub, with access to fast-growing markets across the Middle East, Africa and South Asia, have been key factors in Ripple’s decision to continue investing in the region. The comprehensive regulatory framework established by the DFSA, alongside other regulators in the country, has created an environment where innovative crypto firms can thrive.

Brad Garlinghouse, CEO of Ripple

“Blockchain and crypto technologies are here to stay,” said Brad Garlinghouse, Ripple’s chief executive officer. “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.”

Collaborating with regulators across the globe

The new in-principle licence is part of Ripple’s broader strategy to collaborate with regulators and policymakers worldwide. It is looking to integrate compliant blockchain and crypto technologies that complement the existing financial system. Ripple, which holds over 55 licences worldwide, including from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI), continues to prioritise regulatory compliance in order to support blockchain adoption in financial services.

Reece Merrick, Ripple managing director, Middle East and Africa

“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval,” said Reece Merrick, Ripple managing director, Middle East and Africa.

“Over 20 per cent of Ripple’s global customer base is located in the UAE and as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. We look forward to supporting the UAE’s vision to become a leading global crypto and fintech hub by driving the institutional adoption of blockchain technology.”

Accelerating crypto adoption

Ripple’s recently announced partnership with the DIFC Innovation Hub, expanding its commitment to accelerating crypto and blockchain adoption. The move aligns with the company’s global 1B XRP Fund programme. It strengthens blockchain and digital asset innovation in the UAE by connecting emerging developers with DIFC’s extensive innovation network, which includes over 1,000 tech firms, digital labs, and venture capital entities.

Additionally, Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI) Ripple, increasing the total funding grant to over $1million to support NYU Abu Dhabi’s research projects and student initiatives. These projects reflect Ripple’s ongoing commitment to advancing blockchain research and skills development and supporting local financial innovation.

The post Ripple Accelerates Impact in UAE Receiving Payments Approval From DFSA appeared first on The Fintech Times.