Ripple’s remittance technology is expanding further into the UAE as Ripple partner 3S Money launches in the Middle East. According to a press statement, the Dubai Financial Services Authority (DFSA), an independent regulator of financial services provided in or from the Dubai International Financial Centre (DIFC), has granted a license to 3S Money, an international payments platform.
This allows 3S Money to provide money services from the DIFC, a financial hub in the Middle East, Africa, and South Asia (MEASA) region. Dubai is the most populous city in the United Arab Emirates (UAE).
With the license, 3S Money, which aims to transform cross-border business, will give UAE-based companies access to more than 190 countries with a single digital global business account, enabling quicker payments in more than 40 different currencies.
Interestingly, the DIFC houses Ripple’s Middle East and North Africa (MENA) headquarters. The opportunity to co-locate with its customers is one of the key reasons cited for its regional base by Ripple.
In 2019, 3S Money Club announced it was joining RippleNet, and this would allow it to settle payments more quickly through local partners around the world rather than sending expensive international money transfers.
The Persian Gulf remains a key region for the cross-border payments industry, hence the significance of the move. The UAE is one of the top senders and recipients of remittances globally and has the second largest economy in the Persian Gulf.
As reported by U.Today, Ripple’s investment partner, Tranglo, opened a new payment corridor to the United Arab Emirates in August.