Ripple, is the leading company in global payments industry. In deed Ripple has proven its potential as a global company with its phenomenal growthÂ as shown in its Q3 report. to further enhance its growth, the payments solution provider has decided to expand its coverage by taking its services to the Middle East with a new office slated to open in Dubai by the end of 2018. This was made known by Dilip Rao, Rippleâs Global Head of Infrastructure Innovation while speaking at a conference in Dubai. Rao said that Ripple is getting good acceptance and has over 200 clients around the world some of which are based in the Middle East among which are Al-Rajhi, the largest Islamic bank in Saudi Arabia and Kuwait Finance House. Speaking on the potential of Ripple to make funds transfer easier for the people, Rao said the cost of funds transfer around the world is exorbitant and people are looking for a way which Ripple is proposing to provide in the Middle East.
âIf you wanted to send money out of UAE today, it can be a costly and a slow exercise in some parts of the world. South Asia, for example, has given up on using SWIFT and have built their own proprietary technologies to interface into these corridors so that move money quickly and cheaply to meet the needs of the customers in these high-volume corridors.âAmong Rippleâs goals in the Middle East, Rao said the company aims to make Cross border payment as effortless as possible to enhance business relations between the Middle East and other parts of the world.
âOur focus initially is on cross-border payments because we think thatâs where there is the most friction. In this part of the world, there is a huge requirement for cross-border transactions that will support the economy both within the region, but also in terms of business that you conduct with the rest of the world.âRipple has been at the fore front of facilitating cross border payments around the world and Its expansion into the Middle East will no doubt increase its partnership and customer base which will further increase the companyâs coverage and popularity of XRP. Already, xRapid, Rippleâs product for cross border payment had gotten a lot of initial attention to the company with 7 partners signing up even prior to the launch of the product, making it one of the fastest growing blockchain based payment product in the world.