Ripple to launch an Office in Dubai by End Of 2018 – Details
Ripple office Dubai – Ripple revealed that it will be setting up an office in Dubai, United Arab Emirates before the end of 2018.
Speaking during this year’s Global Islamic Economic Summit that was held in Dubai, Dilip Rao Ripple’s global infrastructure innovation head indicated that the focus of the fintech firm would be on cross-border payments. Rao pointed out that Ripple was not a stranger in the Middle East, having already partnered with various financial institutions operating in the region.
Rao said: “We now have three banks in Saudi Arabia, two in Kuwait… one in Bahrain, one in Oman… a couple in the UAE [United Arab Emirates]… and it really is out fastest growing marketplace,”
According to statistics from the World Bank, some Middle Eastern countries are some of the largest sources of remittances in the world. This is as a result of their huge foreign worker populations, making the region a lucrative market for payments firms. In 2016, Saudi Arabia was estimated to have a foreign worker population of more than 10 million.
One of the banks in Saudi Arabia that has signed a partnership with Ripple is the National Commercial Bank, which boasts of more than five million customers spread across the globe.
The arrangement, which was reported in mid-September, will see the Saudi retail bank join the venture blockchain system of the fintech firm, RippleNet, in this way interfacing it to monetary establishments situated in Asia and North America.