Ripple Expands in UAE with New Financial Services License

• Ripple has secured in-principle approval of a financial services license in Dubai.
• The firm will be able to expand its services in the Dubai International Financial Centre.
• Ripple has partnered with Al Ansari Exchange, UAE Exchange, and other firms in the past.

Ripple, the US-based fintech firm, continues to expand its presence in the United Arab Emirates (UAE). On October 1st, the company announced it received in-principle approval for a financial services license from the Dubai Financial Services Authority (DFSA). This license will allow Ripple to offer its payment services in the UAE.

Ripple announced on X (formerly Twitter) that the approval will allow it to expand its services within the Dubai International Financial Centre (DIFC), strengthening its “global footprint as a regulated entity.” This is not the first time Ripple has made a significant move in the region.

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

Partnerships with UAE Remittance Services

Al Ansari Exchange, a major remittance services provider in the UAE, partnered with RippleNet to enhance its money transfer services and improve transparency and efficiency. UAE Exchange, another remittance firm, also partnered with Ripple with a similar goal.

Three leading banking institutions also partnered with Ripple: Ras Al Khaimah (RAK), Saudi British Bank (SABB), and National Bank of Fujairah (NBF). RAK and NBF joined forces with Ripple to use RippleNet to facilitate easier, cheaper, and faster cross-border transactions.

On the other hand, SABB, a bank based in Saudi Arabia with a presence in the UAE, collaborated with Ripple to launch instant cross-border transfers for its customers.

Read also: Ripple’s 500 Million XRP Escrow Lock Triggers Whale Alert

XRP Price Action –  Up 9% in 30 Days

XRP has risen 9% in the past 30 days and 2.46% in the past week. However, it fell 3.32% in the past 24 hours to $0.6004. It is currently trading at an 84.4% discount to its all-time high of $3.84.

The Relative Strength Index (RSI) reads a value above 55 which means that the buyers are overall in control of the XRP price action. But the gradient of the line suggests that slower price movement might follow in the short term.

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