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The head of Ripple Infrastructure Infrastructure, Dilip Rao, recently spoke of the importance of MENA region for the company.
He said that the Middle East and North Africa are adopting Ripple's DLT solutions, arguing that the region is the most rapid adoption of the technology of the company.
Growing interest in Ripple
Rao said that the MENA region is "To date, Ripple's fastest technology".
He spoke about the signing of banks in Saudi Arabia and the United Arab Emirates and in other countries such as Oman and Kuwait.
He also noted that central banks and regulators are positive about technology.
Rao said:
"The regulator's enthusiasm, central banks to also encourage the use of Ripple technology to build new infrastructure for payment tracks."
He also noted that technology is not only used for internal payments, but also for cross-border agreements.
Banks Cozy up to Ripple
During the Global Islamic Economic Summit in Dubai, in October of last year, Ripple announced that they were I can not wait to expand in the Middle East and set up an office in Dubai.
At the time, Rao noted that the countries in this region are more open and less attached to their legacy systems. Attachment to legacy systems in the West leads to slow innovation.
However, more recently, the company has found an important step forward as Euro Exim Bank announced that it would use Ripple XRP and xRapid to solve problems of visibility and liquidity in global remittances.
The XRP will be used as a bridge resource on the network to transfer funds across borders.
Graham Bright's head of compliance and operations said he was interested in creating a platform that caters to their customers from over 80 different countries.
Note that Ripple offers two payment products created on blockchain-xCurrent and xRapid. Of these, the first does not depend on the XRP cryptocurrency.
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