Rapyd, first Israeli fin-tech firm, to get nod from UAE regulator

Rapyd, a global FinTech-as-a-Service company, which opened its office in Dubai lkess than a month ago, is all set 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.

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.

Ambitious Plans

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.

Rapid CEO Arik Shiltman 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 has ambitious plans to hire 120 employees in Dubai across the R&D, product, operations, and HR departments within the next 18 months.