Ripple, a leading digital asset infrastructure provider, has secured “in-principle approval” from the Dubai Financial Services Authority (DFSA) to expand its operations in the Dubai International Financial Centre (DIFC). This approval, announced on October 1, allows Ripple to enhance its cross-border payment services in the United Arab Emirates (UAE), further establishing itself as a regulated global entity.
Expanding Efficient Cross-Border Payment Solutions
With this approval, Ripple will introduce its “enterprise-grade” digital asset infrastructure to a broader audience in the UAE. The company’s expansion is part of its ongoing efforts to offer efficient and seamless cross-border payment solutions. By leveraging its blockchain technology, Ripple aims to meet the growing demand for fast, cost-effective international payments.
Salmaan Jaffery, chief business development officer at the DIFC, expressed his satisfaction with Ripple’s commitment to complying with the financial center’s legal and regulatory framework. He highlighted the UAE’s forward-thinking regulatory approach, which supports innovative businesses in the rapidly evolving blockchain and crypto sectors.
“Blockchain and crypto technologies are here to stay,” Jaffery said. “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.”
Growing Global Presence
Ripple’s latest approval in Dubai adds to the more than 55 licenses it holds worldwide. Reece Merrick, Ripple’s managing director for the Middle East and Africa, emphasized that over 20% of the company’s global customer base is located in the UAE, highlighting the region’s growing demand for more efficient cross-border payment solutions.
By securing the DFSA’s approval, Ripple continues to strengthen its presence in key global markets, further aligning with its mission to provide scalable and innovative payment solutions on a global scale.
