Rapyd becomes first Israeli company to be regulated in the UAE
By Leandra Monteiro
Rapyd, a global FinTech-as-a-Service company, announced a major milestone in the company’s history by opening its doors to its new Dubai office as it seeks to become the first Israeli company to be regulated in the United Arab Emirates (UAE).
Rapyd has been registered at Dubai International Centre (DIFC), the global financial centre in the Middle East Africa and South Asia (MEASA) region. Additionally, Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the DIFC, has granted an In-Principle Approval (IPA) to Rapyd under its money services regime. It expects to be fully authorised to conduct financial services once it fulfils the DFSA’s In-Principle requirements.
The office opening in Dubai is the latest activity from Rapyd, hot on the heels of global acquisitions and a large Series E fundraising of $300m. Rapyd will bring the future of FinTech to Dubai by providing local merchants with solutions to send, receive and simplify payments in the region and anywhere worldwide. The move will empower merchants to enhance their cross-border payment capabilities and grow their businesses globally. This market entry will enable Rapyd to reinforce its mission to enable businesses, of any size, to make local payments anywhere in the world.
Arik Shiltman, CEO of Rapyd said, “Rapyd is revolutionising how a FinTech company should operate by taking the unprecedented step to becoming the first Israeli company on the road to becoming regulated by the DFSA, allowing the company to establish strong roots in Dubai and grow throughout the UAE.”
“As the FinTech sector continues to evolve, Rapyd is boldly rewriting the script on what it means to be a FinTech company. By establishing Dubai as a strategic development hub, we’re showcasing the boundless opportunities for Rapyd as we continue to lead and innovate the industry across the UAE and beyond.”
The company celebrated the landmark office opening on May 11 this year alongside key decision makers and government officials within Dubai.
Arif Amiri, CEO of DIFC Authority commented, “Dubai and DIFC continue to cement their position as one of the world’s top hubs for technology and innovation firms by offering the most comprehensive proposition that helps start-ups, global players and unicorns access the fast-growing markets of the MEASA region. We are delighted that Rapyd, the first Israeli firm to be regulated in the UAE, has chosen DIFC as its strategic development hub.”
“DIFC’s independent regulator, the DFSA was the first in the region to introduce a comprehensive payment services regime. We are certain that the regime will enable Rapyd and other payment firms to achieve their international expansion aspirations and grow faster than the market,” he added.
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