Ripple Strengthens Its Position in the UAE
Ripple President, Monica Long, met with UAE officials at the Dubai Fintech Summit. With a strong vision for blockchain and fintech, Ripple and the region are emerging as a center of the digital financial revolution. At the event, Emirates CEO Sheikh Ahmed bin Saeed Al Maktoum met with leaders from Kotak Mahindra, Ripple, and Bolt to discuss collaboration and innovation in the rapidly growing fintech space. Over 9,000 attendees from more than 120 countries were present, including CEOs, investors, policymakers, and creators.
Dubai's D33 plan aims to become a global financial hub, targeting 100 billion AED in annual digital revenue by 2033. The role of DIFC was also discussed as a key gateway for global financial institutions, along with the digital expansion strategy of leading organizations like Kotak Mahindra Bank. With a new DFSA license, Ripple is set to provide cross-border payment services in the UAE, tapping into a $400 billion market. Ripple has served 20% of clients in the Middle East and continues to strengthen its position by building strong partnerships.
Ripple has achieved over 60 global approvals, including from Singapore's MAS and New York's DFS. DIFC CEO, Arif Amir, praised the UAE's role in supporting innovators like Ripple. A report from Reuters stated that the UAE signed a 10-year investment contract worth $1.4 trillion with the United States, significantly increasing the UAE's investment in the U.S. economy.
Ripple believes this partnership will accelerate the adoption of blockchain and cryptocurrency among startups. CEO Brad Garlinghouse has called XRPL the leading blockchain technology in the region.
Source: https://tintucbitcoin.com/tai-sao-chu-tich-ripple-gap-quan-chuc-uae/
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