Rapyd has become the first Israeli money services company to receive an in principle approval for a financial license from the DIFC regulator, Dubai Financial Services Authority (DFSA), paving the way for other businesses to move into the UAE.
A global FinTech-as-a-Service company, Rapyd officially opened the doors to its office located in the Dubai International Financial Centre on 11 May 11 this year, the DIFC said in a statement on 8 June.
The DFSA has already granted an In-Principle Approval (IPA) to Rapyd under its money services regime.
Rapyd said it expects to be fully authorised to conduct financial services once it fulfills the DFSA's In-Principle requirements.
It has ambitious plans to hire 120 employees in Dubai across the R&D, product, operations and HR departments within the next 18 months.
Rapyd said it will bring the future of FinTech to Dubai by providing local merchants with cutting edge solutions to send, receive and simplify payments in the region and anywhere worldwide.
"The game-changing 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 world2, it said.
The UAE aims home to 20 unicorns-tech companies worth $1 billion or more by 2031, according to the UAE Entrepreneurial Nation initiative.
Arik Shiltman, CEO of Rapyd, said: "Rapyd is revolutionizing 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."
Arif Amiri, CEO of DIFC Authority said: "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.
Rapyd's Dubai office is located in the ICD Brookfield Place within the heart of the Dubai International Financial Centre (DIFC) and is actively recruiting to fill roles across the entire organization.
The company has recently launched one of the largest advertising campaigns the region has ever seen, which saw a large-scale billboard campaign along the renowned Sheikh Zayed Road.
