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Ripple has recently announced they have received the in-principle approval from the Dubai Financial Services Authority (DFSA), which will allow them to expand its services from the Dubai International Financial Centre (DIFC). 

Through the recent approval, the Ripple team will introduce cross-border payment services, including Ripple Payments Direct (RPD), and hopes to expand its customer base based in the United Arab Emirates (UAE). 

In the official statements, the company states, “This expansion is aligned with Ripple’s mission of providing businesses with faster, cost-effective and more efficient cross-border payment solutions.”

Commenting about the recent approval, Ripple’s CEO Brad Garlinghouse claimed:

“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.”

Explaining the reason on why they have chosen Dubai, Ripple claimed that “the regulatory clarity and strategic position as a global financial services” help the company access to markets across Middle East, Africa and South Asia. Reaching out to these markets has been one of Ripple’s aims. 

Reece Merrick, Ripple Managing Director, Middle East and Africa, claimed, “Over 20% 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.”

Ripple has been making in the UAE through its partnership with the DIFC Innovation and with the NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI).