Expansion into UAE marks milestone moment in Rapyd’s global success story Leading where others follow: Rapyd becomes 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; DFSA was the first to introduce the region’s most comprehensive money services regime The office opening is planned to create more than 120 jobs within the next 18 months Dubai, UAE; 8 June 2022: Rapyd, a global FinTech-as-a-Service company, today announced 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. Rapyd expects to be fully authorised 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 $300m – which further bolsters the business’ reputation as a pioneer in not only the FinTech industry, but also technology as a whole. Rapyd’s investment in the UAE demonstrates confidence in its ability to attract top global talent to Dubai and to establish operations to tap into the regional markets. 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. 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 world. Rapyd aims for Dubai to become a development hub to support its vast expansion and growth needs. 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. The UAE aims to become home to 20 unicorns–tech companies worth $1 billion or more by 2031, according to the UAE Entrepreneurial Nation initiative. Marking the next step in Rapyd’s unparalleled global expansion as a decacorn, this move further reiterates Rapyd’s commitment to the region as it opens its new development hub in Dubai to support the business’ vast expansion across the entire UAE and beyond. 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.” “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.” The company celebrated the landmark office opening on May 11 this year alongside key decision makers and government officials within Dubai. Arif Amiri, CEO of DIFC Authority commented: “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 DIFC and is actively recruiting to fill roles across the entire organisation. 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. -Ends- About Rapyd Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilising Rapyd’s unparalleled payments network and fintech as a service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital. To learn more about the company that is accelerating the fintech as a service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter. About Dubai International Financial Centre Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 7.7 trillion.   With an 18-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.  DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of almost 30,000 professionals working across over 3,600 active registered companies – making up the largest and most diverse pool of industry talent in the region.   The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.   Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations. 

  • Speaking at Bonds, Loans & Sukuk Middle East 2022, Ahmed Mohamed Al Naqbi said improving access to credit will be critical to growth and innovation

Dubai, UAE: Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB) has called on the local and regional banking community to increase access to corporate finance and accelerate the UAE’s economic recovery. Speaking on the opening day of Bonds, Loans & Sukuk Middle East 2022, which took place at Madinat Jumeirah, Dubai, between June 7-8, Al Naqbi highlighted the role of financial markets in driving growth and innovation, and explained how EDB’s tailored, flexible financing solutions, with a focus on developmental impact, is delivering tangible benefits to the national economy.

During his keynote speech, Ahmed Mohamed Al Naqbi also underlined the challenge both large corporates and SMEs continue to face in securing the finance they require to expand their businesses, and restated EDB’s commitment to forging partnerships to mobilize capital in support of the UAE’s economic diversification and industrial transformation agenda.

“What our economy needs now is long-term, sustainable and future-proof growth. And we in the credit business have the power – and the responsibility – to ensure our corporations, our SMEs and our start-ups have access to the finance needed to fuel it,” Al Naqbi said. “Our mission at Bonds, Loans & Sukuk Middle East is to demonstrate our readiness to work alongside financial institutions, government bodies and development agencies to offer direct and indirect financing to companies in priority sectors. It’s this network of partners that enables us to identify the right clients and projects and move quickly to bring their development plans to reality – and accelerate our impact on the UAE economy.”

Also speaking at the event was Vivek Vohra, EDB’s Head of Wholesale and Institutional Banking, who took part in panel discussion debating the merits of capital expenditure and refinancing. He championed EDB’s proprietary Development Impact Scorecard as a means of assessing a project’s viability, citing its unique ability to balance risk aversion with wider economic benefits.

Held over two days, Bonds, Loans & Sukuk Middle East is the region’s largest gathering for the corporate and investment banking industry. EDB, a gold sponsor of the event, used the platform to showcase both its unique role in the UAE financial sector and its range of financial services and products.

Commenting on the bank’s participation, Al Naqbi said: “The event proved extremely valuable for EDB, allowing us to engage an important cross-section of the corporate and investment banking community and providing an opportunity to develop and strengthen our network of partners. We look forward to working with them in the weeks and months ahead to deliver the finance and support our private sector – and therefore our economy – needs.”

Bonds, Loans & Sukuk Middle East Bonds hosted 70-plus speakers, 550-plus sovereign, corporate and financial institution borrowers and 200-plus investors and lenders – with 93 percent of the attendees at director level or above.

About Emirates Development Bank

Emirates Development Bank (EDB), headquartered in Abu Dhabi, was established under Federal Law by Decree No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. It became operational in June 2015. The Bank unveiled its new strategy in 2021 reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP. The Bank also provides home finance support to the UAE Nationals. EDB operates two branches in Abu Dhabi and Dubai.