Ripple, a provider of digital asset infrastructure, has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services in the UAE from the Dubai International Financial Center (DIFC). This approval significantly strengthens Ripple’s global footprint as a regulated entity. In addition, it enables it to introduce seamless cross-border payment services, including Ripple Payments Direct (RPD), in the UAE.
Notably, Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
“Blockchain and crypto technologies are here to stay. 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,” said Brad Garlinghouse, Ripple’s CEO.
Advancing UAE’s enterprise-grade digital asset infrastructure
With DFSA’s approval, Ripple will introduce its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. This expansion falls in line with the company’s mission of providing businesses with faster, cost-effective, and more efficient cross-border payment solutions.
“Over 20 percent 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,” said Reece Merrick, Ripple managing director, Middle East and Africa.
The in-principle license 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.
“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,” he added.
Ripple expands UAE presence
In a bid to further expand its presence in the UAE and accelerate crypto and blockchain adoption, Ripple recently announced a partnership with the DIFC Innovation Hub, as part of the company’s global 1B XRP Fund program. The collaboration seeks to strengthen 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.
In addition, Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). It also increased the total funding grant to over $1 million 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.
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