Ripple expands internationally and opens its first office in Dubai

Ripple expands internationally and opens its first office in Dubai

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Answer Ripple expands internationally and opens its first office in Dubai

Ripple is pushing blockchain technology that is compliant with regulatory guidelines and is flexible enough so that its major clients, banks and financial institutions, who prefer confidentiality and privacy, can seamlessly benefit from their platform.

Already the network has a global reach with more banks, payment providers and processors forming part of a larger portion. RippleNet is a global phenomenon, and the company has announced that it intends to expand and open an office in Dubai by the end of the year in a bid to meet market demands in the Middle East market.

According to Dilip Rao, Global Head of Infrastructure Innovations for Ripple who was speaking during the World Islamic Economic Summit, Ripple’s solutions are cost-effective, flexible and cheap. He said that the idea of ​​”Distributed Ledgers (DLTs”) is a solution for everyone, meets the expected expectations, and is well aligned with the plans of the UAE, and because of its global nature, it supports innovation:

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“I think the UAE government is saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a great way to encourage innovation, to bring fintech to market and then build capacity locally to iterate on those solutions that brought you the technologies Finance.”

He went on to talk about many companies like “Coil” where users can easily monetize their web content. As one of the fastest growing markets, Dilip Rao said that their goal is to increase the number of clients, the majority of whom are KFH, Saudi British Bank and Al Ahli Saudi Bank from the Middle East and Southeast Asia. Besides, he emphasized that Ripple as a technology company is Shariah-compliant because it tracks the parties involved and their contractual obligations to avoid unnecessary breach of trust.

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“If, through integrity, you can transfer an asset of $1 million, you can now share a million people in that asset rather than necessarily having a ‘Millionaire’. He begins to solve the issue of access to non-dealers. We believe it aligns well with all principles of Islamic finance.”

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