Ripple Expands Cross-Border Payment Services in UAE
In yet another major move towards its international expansion, Ripple has recently cleared an in-principle approval from the DFSA-Dubai Financial Services Authority. The company issued this confirmation on October 1, which would grant them permission to use the DIFC- Dubai International Financial Centre- in order to ramp up its cross-border payment services in United Arab Emirates.
Ripple Payments Direct Now Live
The license lets Ripple introduce its solution, them Payments Direct, in the UAE, allowing companies and people to have better cross-border transactions. The Dubai Financial Services Authority permit allows them to expand enterprise-grade digital asset infrastructure to more customers in the region. This moves along with the declared intention of the UAE government to position itself as the most globally connected fintech and crypto hub.
Global Expansion Strategy
The in-principle approval in Dubai forms part of a larger global strategy to work closely with regulators. Already holding more than 55 licenses around the world, Ripple is committed to integrating blockchain technology into the existing financial systems of the world. Aside from Dubai, it holds licenses from great regulatory bodies such as the Monetary Authority of Singapore and the New York Department of Financial Services.
The Role of the Middle East
The Middle East, particularly UAE, is poised to be an important part of them growth strategy. More than 20% of Ripple’s global customers are based in the UAE, according to Ripple Managing Director for Middle East and Africa Reece Merrick. Merrick lauded the forward-thinking approach of the UAE to financial technology, which is bound to turn itself into a global leader within this new era of digital finance.
Market Reaction
Despite such a positive regulatory development, XRP has actually fallen in price slightly-3.3% to trade at $0.62, according to prices at the time of writing. This development has occurred amidst a broader market movement in the cryptocurrency space.
