Ripple sets its regional office within the Dubai International Financial Center (DIFC) district.
Ripple announced its interest in building one of its regional offices in Dubai. It chooses the city due to its reputation as the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region. In addition, Dubai is a city known for its innovative regulatory structure and crypto-friendly environment.
The blockchain firm decides to set its regional office specifically in the DIFC area. As a result, Ripple expects to expand its number of clients and benefit from the financial hub’s views on digital assets.
Ripple’s managing director for South Asia, Middle East, and North African operations, Navin Gupta, further explained that,
Our regional office will serve as a springboard to introduce our blockchain-based solutions and deepen our ties with even more Financial Institutions in the region. We feel very welcome in our new regional home at DIFC.
The agreement of Ripple with the Dubai government will strengthen the city’s financial institution in terms of cross borders payments. This partnership will benefit Dubai’s plans to create its cryptocurrency valley in the country’s free zone area. A cryptocurrency valley is a place where income tax will not be applicable. It is also a place where blockchain technology and crypto firms can run its own judicial system.
Furthermore, Ripple continues to promote its payment technology all over the world. Recently, Ripple partnered with the Vietnamese fintech giant OCB through Ripplenet. As a result, e-commerce businesses and startups can experience cross-border transactions with reduced costs. This is just one of the many features that Ripple has in store for its affiliates.