Ripple is promoting a distributed registry technology that complies with regulatory guidelines and is flexible enough to allow their main customers, banks and financial institutions, who prefer privacy and privacy, to use their platform.
The network already has a global feel with multiple banks, payment service providers and processors that are part of a larger part. RippleNet is a global phenomenon and plans are there to open a Dubai office by the end of the year in an effort to meet the demands of the Middle East market. According to the Global Head of Infrastructure Innovation of Dilip Rao-Ripple, who spoke during the Global Islamic Economic Summit, Ripple's solutions are cost-saving, flexible and economical. He said that the idea of DLT as a solution for everyone meets expectations, aligns well with the plans of the United Arab Emirates and because of its global nature stimulates innovation:
"I think the UAE government that states that 50% of all government transactions will be on accounting book technology distributed by 2020 is a fantastic way to encourage innovation, to bring Fintech to the market and then to locally build the skills to iterate over those solutions that the Fintechs bring to you. "
He went on to talk about different companies like Coil, where users can easily monetize their web content. Being one of the fastest growing markets, Dilip Rao stated that their goal was to acquire more customers of which the majority as Kuwait's House Finance and the banks of the National Bank of Saudi Arabia come from Middle East and Southeast Asia. In addition, he stressed that Ripple, as a technology company, aligns perfectly with Sharia law because it always tracks the parties involved and their contractual obligations to avoid a useless breach of trust.
"If you can, with integrity, make a million-dollar resource symbolic, you can now have a million people who share that good rather than a millionaire, and start solving to achieve unbanked. which aligns well with all the principles of Islamic finance ".