{"id":446067,"date":"2024-10-01T13:26:51","date_gmt":"2024-10-01T12:26:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=446067"},"modified":"2024-10-01T13:26:51","modified_gmt":"2024-10-01T12:26:51","slug":"uae-regulatory-approval-bolsters-ripples-quest-to-rival-swift-in-cross-border-payments","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/uae-regulatory-approval-bolsters-ripples-quest-to-rival-swift-in-cross-border-payments\/","title":{"rendered":"UAE regulatory approval bolsters Ripple&#8217;s quest to rival SWIFT in cross-border payments"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/ripple\/\">Ripple<\/a> has secured in-principle approval from the Dubai Financial Services Authority (DFSA), marking a significant step in its efforts to boost financial services innovation in the United Arab Emirates (UAE), according to an Oct. 1 <a href=\"https:\/\/ripple.com\/ripple-press\/ripple-receives-in-principle-approval-from-the-dubai-financial-services-authority\/\">statement<\/a>.<\/p>\n<p>This makes the firm the first blockchain-based payment service provider to obtain a <a href=\"https:\/\/cryptoslate.com\/xrp-gains-approval-from-dubai-financial-services-authority\/\">license from the DFSA,<\/a> further establishing its role as a regulated global entity.<\/p>\n<p>Meanwhile, the latest DFSA approval adds to <a href=\"https:\/\/cryptoslate.com\/ireland-grants-ripple-vasp-license-bolstering-its-european-presence\/\">Ripple's existing portfolio of over 55 licenses<\/a> globally, including those from the <a href=\"https:\/\/cryptoslate.com\/singapore-approves-ripples-major-payment-institution-license-application\/\">Monetary Authority of Singapore (MAS)<\/a> and the New York Department of Financial Services (NYDFS).<\/p>\n<h2>What this means for Ripple<\/h2>\n<p>Ripple shared that this DFSA approval would enable it to expand <a href=\"https:\/\/cryptoslate.com\/ripple-and-dubais-difc-to-catalyze-blockchain-tech-expansion-in-the-region\/\">operations in the Dubai International Financial Centre (DIFC). <\/a><\/p>\n<p>In addition, the approval grants Ripple the ability to deploy its enterprise-grade digital asset infrastructure across the UAE, including launching its Ripple Payments Direct (RPD) solution for cross-border payments.<\/p>\n<p>So, the licensing could help the firm achieve its mission of delivering faster, more cost-efficient cross-border payment services while integrating regulatory compliance with continued investments in critical infrastructure elements, such as liquidity management, asset custody, and seamless transitions between fiat and digital currencies.<\/p>\n<p>Notably, global investment bank Houlihan Lokey recently noted that Ripple's continued growth could help it become a key challenger to <a href=\"https:\/\/cryptoslate.com\/swift-unveils-global-infrastructure-to-streamline-tokenized-asset-transfers\/\">SWIFT<\/a>, the dominant player in cross-border payments. The firm <a href=\"http:\/\/cdn.hl.com\/pdf\/2024\/payments-market-update--april-2024.pdf\">stated<\/a>:<\/p>\n<blockquote><p>&#8220;While old, SWIFT is still the messaging network of choice but is facing competition from card networks, blockchain solutions (Ripple), FinTechs (Airwallex, Nium, and Wise), and other banking networks.&#8221;<\/p><\/blockquote>\n<h2>UAE growth<\/h2>\n<p>Meanwhile, the licensing move is part of Ripple's broader strategy to grow its presence in the Middle East, having set up its regional headquarters in Dubai in 2020.<\/p>\n<p>Ripple attributes its <a href=\"https:\/\/cryptoslate.com\/ripple-pegs-sec-suit-costs-at-200m-plans-dubai-expansion\/\">growth in the Middle East<\/a> to the UAE's regulatory clarity, which has fostered an environment where innovative crypto firms can flourish. The country's <a href=\"https:\/\/cryptoslate.com\/uae-introduces-strict-crypto-marketing-guidelines-to-curb-risks\/\">regulatory framework<\/a> also offers Ripple access to rapidly growing markets in Africa, South Asia, and other regions.<\/p>\n<p>Ripple CEO <a href=\"https:\/\/cryptoslate.com\/people\/brad-garlinghouse\/\">Brad Garlinghouse<\/a> emphasized the UAE's leadership in financial technology, stating:<\/p>\n<blockquote><p>&#8220;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.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA), marking a significant step in its efforts to boost financial services innovation in the United Arab Emirates (UAE), according to an Oct. 1 statement. This makes the firm the first blockchain-based payment service provider to obtain a license from the DFSA, further establishing [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":446073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,11],"tags":[78357,74979,72399],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UAE regulatory approval bolsters Ripple&#039;s quest to rival SWIFT in cross-border payments<\/title>\n<meta name=\"description\" content=\"Crypto firm Ripple is the first blockchain firm to gain Dubai regulatory nod, eyes cross-border payment innovation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/uae-regulatory-approval-bolsters-ripples-quest-to-rival-swift-in-cross-border-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE regulatory approval bolsters Ripple&#039;s quest to rival SWIFT in cross-border payments\" \/>\n<meta property=\"og:description\" content=\"Crypto firm Ripple is the first blockchain firm to gain Dubai regulatory nod, eyes cross-border payment innovation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/uae-regulatory-approval-bolsters-ripples-quest-to-rival-swift-in-cross-border-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-01T12:26:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/10\/ripple-dubai.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/uae-regulatory-approval-bolsters-ripples-quest-to-rival-swift-in-cross-border-payments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/uae-regulatory-approval-bolsters-ripples-quest-to-rival-swift-in-cross-border-payments\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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