Ripple, a global technology company focused on enabling the Internet of Value, announced today that it has received in-principle approval from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC). This significant milestone marks Ripple’s entry into the Middle East and North Africa (MENA) region, a dynamic market with a growing appetite for innovative financial technology solutions.
We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. 🌍🇦🇪https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024
The in-principle approval allows Ripple to establish a presence in the DIFC and explore opportunities to provide its technology to financial institutions and other businesses operating within the Centre. Ripple’s technology can help these organizations streamline their cross-border payments, reduce costs, and enhance transparency.
“We are thrilled to receive in-principle approval from the DFSA,” said Brad Garlinghouse, CEO of Ripple. “The DIFC is a leading global financial hub, and we are excited to contribute to its continued growth and innovation. Our partnership with the DFSA aligns with our commitment to working with regulators around the world to develop responsible and sustainable blockchain solutions.”
The DIFC is a progressive financial-free zone that offers a world-class regulatory framework and a vibrant ecosystem of financial institutions, technology companies, and professional services firms. Ripple’s presence in the DIFC will allow it to tap into this thriving community and develop new partnerships.
