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Israeli fintech company Rapyd on road to be regulated in the UAE

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Rapyd, a global FinTech-as-a-Service company, announced on Wednesday 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 leading 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.

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Rapyd expects to be fully authorized to conduct financial services once it fulfils the DFSA’s in-principle requirements.

The ground-breaking office opening in Dubai is the latest activity from Rapyd – hot on the heels of global acquisitions and a large Series E fundraising of $300 million.

Rapyd 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. It will empower merchants to enhance their cross-border payment capabilities and to make local payments anywhere in the world.

Rapyd aims for Dubai to become a development hub to support its vast expansion and growth needs.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.”

Rapyd officially opened the doors to its Dubai office located in the heart of the Dubai International Financial Centre on May 11, 2022. It has ambitious plans to hire 120 employees in Dubai across the R&D, product, operations, and HR departments within the next 18 months.

Read more: DIFC launches global venture studio launchpad to grow ‘ubiquitous finance’ sector

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