According to the DIFC, this development will contribute to the acceleration of the Emirates Blockchain Strategy 2021.
Ripple reportedly chose the DIFC for its innovative regulations and extensive network.
For Ripple, the DIFC was a natural choice because they share the vision of shaping the future of finance.
Ripple chose the Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, as its regional headquarters. The DIFC authority announced this news in an official announcement on November 7th and stated that FinTech chose it because of its innovative regulations, extensive network and reputation with other centers. The announcement added that Ripple believes the DIFC is well suited to shape the future of finance based on a shared vision.
DIFC Authority CEO Arif Amiri commented on Ripple’s decision to locate its regional headquarters in the DIFC,
“By leveraging the DIFC’s world-class platform, laws and regulations, our FinTech firms are able to work with other DIFC clients who are part of the region’s largest financial ecosystem to contribute to the development of the global, regional and local financial industry. During this post-pandemic recovery period, we recognize how digital agendas are prioritized. Ripple and the other 230+ FinTech-related companies at the center are the key to the future of finance.
Amiri added that Ripple is one of the most exciting customer extensions for the DIFC, as the company is known for its innovations in the financial sector. Amiri therefore believes the company will be a good partner customer for the DIFC. He went on to say that the merger with Ripple will help drive the adoption of block chain technology in Dubai, the United Arab Emirates and the MEASA region. Amiri further quoted that this development will help drive the Emirates Blockchain Strategy 2021.
Opening up the MENA market
According to Navin Gupta, Ripples’ Managing Director for South Asia and the Middle East and North Africa (MENA) region, the DIFC was a natural choice as the company already has an established customer base in the MENA region. By locating its regional headquarters in the DIFC, Ripple is convinced that it will benefit from the numerous locations shared with its customers.
Gupta continued that the DIFC office will serve as a springboard for the introduction of Ripple’s block chain solutions, while strengthening relationships with financial institutions in the region. He concluded that Ripple already feels very welcome in his new regional office at the DIFC.