Ripple’s Head of Infrastructure Innovation Dilip Rao recently talked about the importance of the MENA region for the company.
He said that the Middle East and North Africa is adopting DLT solutions from Ripple, claiming that the region is the fastest adopter of the company’s technology.
Growing Interest in Ripple
Rao said that the MENA region is “fastest adopter of technology from Ripple to date.”
He talked about signing up banks in Saudi Arabia and UAE and other countries like Oman and Kuwait.
He also noted that the central banks and regulators are positive about the technology.
“The enthusiasm of the regulator, the central banks to also encourage the use of Ripple technology to build new infrastructure for payment rails.”
He noted further that the technology is not only being used for domestic payments but also cross-border settlements.
Banks Cozy up to Ripple
During the Global Islamic Economic Summit in Dubai in October last year, Ripple announced that they were looking forward to expanding to the Middle East and setting up an office in Dubai.
At the time, Rao noted that the countries in this region are more open-minded and less attached to their legacy systems. The attachment to legacy systems in the west lead to slow innovation.
XRP will be used as a bridge asset over the network to transfer funds across borders.
The bank’s head of compliance and operations Graham Bright said that they are interested in creating a platform that caters to their clients which come from over 80 different countries.
Note that Ripple offers two payment products built on blockchain- xCurrent and xRapid. Of these, the former doesn’t depend on the XRP cryptocurrency.