Dubai: Rapyd, a global fintech-as-a-service company, has become the first Israeli firm set to be regulated in the UAE, it announced on Wednesday.
The company, which set up an office in Dubai on May 11, has been registered at the Dubai International Centre (DIFC). 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 aims for Dubai to become a development hub to support its vast expansion and growth needs, and has plans to hire 120 employees in Dubai across the R&D, product, operations and HR departments within the next 18 months.
“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,” said Rapyd CEO Arik Shiltman.
Arif Amiri, CEO of DIFC Authority, said: “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.”