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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.
Garlinghouse said:
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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Today, cryptocurrency and blockchain payments company, Ripple, has announced the expansion of its operations in the Middle East, with a new office in Dubai and the launch of “Swell,” a new annual global conference.
Ripple will use the new Dubai office to facilitate expansion into the region, meet with regulators, and develop relationships with local banks and financial institutions. The office will also be used to assist in the development of Ripple’s University Blockchain Research Initiative (UBRI).
In addition, Ripple is launching its inaugural “Swell by Ripple” event, a first-of-its-kind global payments industry conference. Taking place on November 7th and 8th in Dubai, the agenda includes keynote sessions with industry leaders, including Ripple CEO and co-founder Brad Garlinghouse, discussing topics such as blockchain, cryptocurrency, and payment standards.
Ripple’s operations in the Middle East come on the heels of a period of rapid international expansion. The company recently released its localized mobile wallet into six languages, expanded the RippleNet network to 17 countries, and opened offices in London, Mumbai and Sydney. “Swell by Ripple” is further evidence of the company’s global ambitions.
Ripple’s presence in the region is an important move for the payments industry, providing access to the promising technologies, banking and blockchain solutions. The new office and conference underscore Ripple’s focus on innovation and collaboration, aimed at making international payments faster, cheaper and more secure.
With a new office in Dubai and the launch of “Swell,” Ripple has signaled its intention to remain at the forefront of the international payments industry, expanding its footprint and driving industry-leading innovation.
This is an exciting time for the company, with more news and further growth on the horizon.
