Ripple has received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services within the Dubai International Financial Centre (DIFC).
According its press release, Ripple plans to build on the approval by extending its enterprise-grade digital asset infrastructure and introducing cross-border payment services, including Ripple Payments Direct (RPD), to a wider customer base in the UAE.
The blockchain-based payment solutions company claimed that the approval aligns with its mission to offer businesses faster, more cost-effective, and more efficient cross-border payment solutions by integrating regulatory compliance with critical infrastructure investments, including liquidity, best-in-class custody, and seamless on/off-ramps between fiat and digital assets.
Ripple CEO Brad Garlinghouse praised the UAE’s forward-thinking regulatory framework, stating,
“With its progressive approach and clear guidance for innovative businesses aiming to invest and scale, the UAE is establishing itself as a global leader in the new era of financial technology.”
The press release also emphasized that the DFSA approval is part of Ripple’s broader strategy to work closely with regulators worldwide, aiming to integrate blockchain technology into established financial systems.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted that over 20% of Ripple’s global customers are based in the UAE. He expressed excitement about contributing to the UAE’s vision of becoming a global hub for crypto and fintech innovation.
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Notably, this approval is the latest in the company’s recent moves in the country and region. Ripple partnered with the DIFC Innovation Hub as part of its global 1B XRP Fund program. This collaboration aims to enhance blockchain and digital asset innovation in the UAE by connecting emerging developers with DIFC’s expansive innovation network, which comprise over 1,000 tech firms, digital labs, and venture capital entities.
The company also recently renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI) and increased its total funding grant to over $1 million. This funding, which will support NYU Abu Dhabi’s research projects and student initiatives, underscores its dedication to advancing blockchain research, skills development, and local financial innovation, Ripple claimed.
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