Ripple is pushing forth a distributed ledger technology that is compliant with regulatory guidelines and flexible enough so that their main clients, banks and financial institutions, who prefer secrecy and privacy can seamless make use of their platform.
Already the network has a global feel with more banks, payment providers and processors being part of a larger part. The RippleNet is a global phenomenon and plans are there to open up a Dubai office by end of year in an effort to meet the market demands of the Middle East market. According to Dilip Rao–Ripple’s Global Head of Infrastructure Innovation, who was speaking during the Global Islamic Economic Summit, Ripple solutions are cost savings, flexible and cheap. He said that the idea of DLTs as the a solution for all meet expectations, aligns well with UAE plans and because of its global nature it spurs innovation:
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you.”
He went on and talked about several companies as Coil where users can easily monetize their web content. As one of the fastest growing market places, Dilip Rao said their goal was to onboard more clients of which majority as Kuwait’s House Finance and Saudi Arabia’s SNB banks are from the Middle East and South East Asia. Besides he emphasized that Ripple as a technology company aligns well with Sharia law as they always track the parties involved and their contractual obligations to avert unnecessary breach of trust.
“If you can, with integrity, tokenize an asset worth a million dollars, you can now have a million people share in that asset rather than necessarily one millionaire. It starts to solve for reach into the unbanked. We think therefore aligns well with all of the Islamic finance principles.”
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