The company Ripple announced until the end of 2018 to open an office in Dubai (United Arab Emirates).
This was stated by Director of global innovation infrastructure FINTECH companies Dilip RAO (Dilip Rao) at the Global Islamic economic summit in Dubai.
In his speech, RAO said that Ripple will focus on cross-border payments. He added that the company is “not a stranger” in the middle East and is already working with a number of financial institutions in the region.
“We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE. And this is really the most fast-growing market”, — said the representative of the Ripple.
According to statistics from the world Bank (WB), oil-rich countries of the Middle East are one of the largest sources of remittances in the world because of the huge number of foreign workers involved in the economy. According to WB, in 2016, about 10 million foreign workers in Saudi Arabia (with 33 million of the population) moved abroad $37 billion.
Says Dilip RAO, blockchain-backed products and solutions that built the company in accordance with the norms of Sharia, which is important for Muslim countries.
“The ability to know what the underlying assets of the transaction, identify the participants, to be able to clearly understand the contractual roles and responsibilities and the ability to reduce the risks — all of this is consistent with the principles of Sharia,” said RAO.
Recall that together with the Ripple implements the DLT project, the Agency of circulation of money of Saudi Arabia (SAMA) — the actual country’s Central Bank. In may, the network RippleNet joined the second largest Bank in Kuwait, and in September — the largest retail Bank in Saudi Arabia.
However, previously the co-founder of Ethereum and head ConsenSys Joseph Lubin (Lubin Joseph) said that the technology Ripple is not a blockchain. It is noteworthy that this is indirectly confirmed top-managers of the Ripple.