Ripple, a prominent provider of cryptocurrency and enterprise blockchain solutions, is set to broaden its footprint in Dubai by establishing a new office at the Dubai International Financial Centre (DIFC).
Ripple’s CEO, Brad Garlinghouse, and Navin Gupta, Managing Director for South Asia & MENA, revealed the news while attending the Dubai Fintech Summit.
Additionally, this move coincides with the announcement of the company’s seventh Swell Global conference, scheduled to take place on November 8-9 in Dubai.
The company considers the MENA region important, with 20% of its RippleNet customers based there, including SABB, Qatar National Bank, Al-Ansari Exchange, Lulu Financial Holdings, and RAK Bank.
Over 50% of Ripple’s payment volume in MENA is cross-border payments like remittances from UAE, Bahrain, and Saudi Arabia to India. In 2020, DIFC was chosen as its MENA headquarters due to Dubai’s innovation-forward regulations and reputation as a leading global financial center.
Dubai was chosen for Ripple’s office and Swell Global due to its progressive regulations that allow for growth in the crypto industry while promoting responsible behavior, according to Garlinghouse.
Regulators here have risen to the challenge of establishing a framework that allows the local crypto industry to thrive, create jobs and increase economic growth while also ensuring participants act in a responsible manner.
Ripple’s Commitment To Improving Financial Institutions
As per the press release, in 2021, the company launched its first-ever On-Demand Liquidity deployment in partnership with Pyypl, a blockchain-based financial services technology company, in the Middle East. ODL utilizes XRP, a digital asset, to facilitate instant and cost-effective cross-border payments.
The deployment enables financial institutions and Small- and Medium-Sized Enterprises (SMEs) to utilize previously trapped pre-funded capital to expand their businesses. Since its launch, billions of dollars have already been transacted through ODL in the MENA region.
Ripple has expressed its commitment to improving financial institutions in the Middle East. With an estimated $156 trillion worth of cross-border payment flows expected in 2022, the need for faster and more efficient remittance markets and corridors in the region is on the rise.
“Ripple excels” in this area, said Navin Gupta, Managing Director for South Asia & MENA at Ripple, noting the company’s expertise in leveraging crypto to tackle the challenges associated with cross-border payments. Ripple is proud of its presence in the UAE and looks forward to future growth in the region.
The Swell Global 2023 event will gather the company’s clients and partners following successful events in London and Singapore. Garlinghouse will give a keynote speech at the Dubai Fintech Summit 2023 and other leaders in fintech, finance, and crypto.
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