Ripple has now received in-principle approval from the Dubai Financial Services Authority (DFSA) to extend its range within the Dubai International Financial Centre (DIFC), one of the leading financial locations in the UAE. The partnership bolsters RippleNet’s footprint in the Middle East and allows the company to provide frictionless cross-border payment services in the UAE. This authorisation supports Ripple’s ongoing mission to remove friction from cross-border payments and help make sending money as easy as information exchange over the Internet. The DFSA authorised Ripple “to operate a private blockchain to provide secure, instant, and nearly free global financial transactions of any size with no chargebacks.”
It comes as an extension of Ripple’s previous work in the area, for which its Middle East headquarters opened in Dubai last year. The fact that the region accounts for more than 20% of Ripple’s worldwide clientele underlines how much Dubai now forms a strategic growth market for the company. Ripple CEO, Brad Garlinghouse said, “Blockchain and crypto technologies are here to stay,” adding, “We see it as our responsibility to help shape the future of these technologies.”
Building on a Solid Foundation: Ripple’s Global Strategy
Ripple’s recent move to Dubai is a part of a greater strategy from the company to partner up with regulators globally in order to facilitate seamless phyisical blockchain/web 3.0 and traditional financial system partnership. The company is the only crypto-based payments firm with over 55 global licences, including major regulatory approvals in Singapore, the US and Ireland, which helps position Ripple as the leading compliant digital asset infrastructure.
Ripple also cited the UAE’s regulatory clarity — it is one of the few countries in the world that has declared a national approach to regulating cryptocurrency and blockchain technology — along with its status as a major global trade and financial hub, for why it decided to keep spending in the region. Ripple’s expansion received praise from the Chief Business Development Officer at DIFC, Salmaan Jaffery, who remarked that the regulatory framework in Dubai is used to birth a new wave of fintech and crypto firms. The approval of the DFSA allows Ripple to expand its ready-to-use enterprise-grade infrastructure with a wider reach to serve more customers in the region.
Advertisement Banner
Ripple in UAE: Driving Innovation in Cross-Border Payments
Ripple’s growing presence in Dubai is part of a broader ambition to reduce the costs and time involved with cross-border payments. As a result, Ripple can now launch its range of services, one among which is Ripple Payments Direct (RPD), making cross-border transactions between fiat and digital assets just that bit simper. Focusing on liquidity, custodial services and on/off ramps between currencies Ripple is strategic ally as the emphasis shifts to globally connected financeors.
The UAE is keen on faster and cheaper cross-border payments which could be of great help from Ripple solutions. Reece said, Approved after a very extensive review process – this really is a landmark moment for Ripple and its work in the region!. The company has shown commitment to advancing blockchain innovation in the UAE by way of partnerships with local institutions including the DIFC Innovation Hub and NYU Abu Dhabi.
Conclusion: Ripple’s Role in the Future of Digital Payments
The Ripple Dubai office opening is a massive step towards the company’s dream of changing the way international payments are being made across the globe. Egypt News With the support of the DFSA and solid regulatory groundwork, Ripple is in a prime position to build out blockchain tech and digital asset infrastructure in the UAE as well as middle east further. As Ripple grows its product suite and relationships in the APAC region, they are well positioned to serve increased demand for faster, cheaper global payments – securing their role as a leader in the global digital payments space.
Stay updated with TheBit Journal by following us on Twitter and LinkedIn and join our Telegram channel.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
