Ripple has received regulatory approval from the Dubai Financial Services Authority (DFSA) to offer blockchain-based payment services in the Dubai International Financial Centre (DIFC), marking the companyโs first license in the Middle East.
The approval positions Ripple to enter the UAEโs $40 billion cross-border payments market, addressing long-standing issues such as high fees, lengthy settlement times, and limited transparency.
Sponsored
Ripple is the first blockchain payments provider licensed by the DFSA, reinforcing its commitment to regulatory compliance and financial innovation.
Expanding in the MEASA Region
Rippleโs entry into the UAE market comes amid growing demand for blockchain solutions across the Middle East, Africa, and South Asia (MEASA) region.
The company reports that approximately 20% of its global customer base already operates in the Middle East, signaling strong demand in the region.
This move is part of Rippleโs broader global expansion strategy. The company currently holds over 60 regulatory approvals worldwide.
Brad Garlinghouse, Rippleโs CEO, emphasized the sectorโs growth potential:
โThe crypto industry is at an inflection point, and the UAEโs supportive ecosystem positions it to lead this transformation,โ Garlinghouse stated.
Addressing Cross-Border Payment Challenges
Rippleโs blockchain technology aims to resolve key inefficiencies in cross-border payments. Traditional systems often suffer from high costs, slow settlement times, and limited transparency.
A 2024 Ripple survey found that 64% of finance leaders in the MEA region view faster payment settlement as the top advantage of blockchain technology.
Reece Merrick, Rippleโs Managing Director for MEA, underlined the licenseโs importance:
โThe DFSA license enables us to meet the growing demand for faster, cheaper, and more transparent cross-border payments in one of the worldโs largest financial hubs,โ Merrick explained.
This regulatory milestone coincides with broader fintech advancements in Dubai. The DFSA recently approved Circleโs USDC and EURC stablecoins for DIFC operations, allowing digital assets to integrate into payment systems and treasury management.
On the Flipside
- Ripple faces competition from established financial institutions and payment giants like SWIFT, which are also working to modernize cross-border payment systems.
Why This Matters
Rippleโs expansion into the UAE underscores Dubaiโs ambition to become a global hub for crypto payments. Ripple is well-positioned to drive innovation in cross-border payments across the MEASA region and beyond as regulatory frameworks strengthen.
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