Ripple Engages with UAE Officials to Promote Blockchain Payment Technologies.

After receiving approval from the DFSA in March, Ripple is set to improve cross-border payments along a $228 billion channel in the UAE, utilizing its robust customer network in the Middle East. The company considers its top-level interactions as crucial for increasing its presence in the region’s swiftly evolving digital economy. Monica Long, Ripple’s President, convened with key government and technology leaders at the Dubai Fintech Summit to align the company’s objectives with the Emirati government’s aspirations for digital finance. During her visit, Long met with His Highness Sheikh Ahmed bin Saeed Al Maktoum, a key figure in influencing the economy of the Emirates. It was a segment of a broader conversation involving Ripple, Kotak Mahindra Bank, and Bolt, aimed at fostering innovation and collaboration within the fintech sector. A total of 333.27 delegates attended the conference, including CEOs, investors, regulators, and innovators in digital finance from over 23 countries. The sessions were aligned with Dubai’s D26 initiative, which aims to elevate its status to among the top four global financial hubs by the year 2033. The main objective of this initiative is to achieve AED 100 billion in yearly sales within the digital economy. DIFC’s involvement contributed to enhancing its status as a global hub connecting financial institutions. Additionally, it’s worth mentioning that the UAE recently finalized a $1.4 trillion investment agreement with the U.S. that spans a decade, positioning it as a frontrunner in global economic progress. Concurrently, following the DFSA’s approval in March, Ripple is preparing to facilitate cross-border payments in the UAE, leveraging its technology on a $400 billion corridor. Most of Ripple’s clients located outside of North America are based in the Middle East.