Ripple has announced its expansion plan focused on the Middle East region. This was stated by the company's head of infrastructure innovation, Dilip Rao, at a conference in Dubai.
When many blockchain companies are opposed to working with traditional financial institutions due to their centralized nature, Ripple continues its plan to “take over the world” by partnering with large, centralized institutions.
Dilip Rao claims to be currently working for RIppleNet about 200 banks and financial institutions. On average, every six days Ripple adds a new client to its network of payment providers that use the company's software solutions to process cross-border transfers.
Speaking at a conference in Dubai, he noted that Ripple will enter the Middle East market, which he said has become the fastest growing market, with a new office in Dubai.
Currently we have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE. And this is truly our fastest growing market.
He believes Ripple's technology can help where traditional payment platforms such as Swift may not be practical. In some parts of the world, such as South Asia, banks have already moved away from using Swift and have created their own cross-border transfer technologies to move funds faster and cheaper.
Rao said Ripple's technology is particularly effective when it comes to sending small amounts across borders and could lay the foundation for an efficient digital economy.
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