Ripple, a leading provider of blockchain and cryptocurrency solutions for businesses, has obtained a license from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC). This marks Ripple’s expansion into the Middle East and highlights its commitment to global regulatory standards. 🇦🇪 The company is bringing real-time cross-border payments powered by blockchain technology to the UAE, with Zand Bank and MamoPay now integrated onto the Ripple Payments platform.
Ripple’s DFSA license follows a strategic move to address inefficiencies in traditional payment systems, including high fees, lengthy settlements, and lack of transparency. The company’s XRP Ledger and native asset XRP facilitate real-time cross-border transactions with RLUSD, a stablecoin designed for increased international payment stability.
Ripple’s expansion aligns with the UAE’s vision to become a global hub for financial technology. The country’s $40 billion cross-border payments market presents a significant opportunity for Ripple’s solutions. The company’s survey reveals 64% of finance leaders in the Middle East and Africa consider faster payment settlements as a key benefit.
Beyond regulatory compliance, Ripple has invested in innovation through partnerships with the DIFC Innovation Hub and NYU Abu Dhabi’s University Blockchain Research Initiative. These collaborations bolster their efforts to advance blockchain technology and promote financial innovation within the region.