Dubai International Financial Center (DIFC), a special economic zone based in Dubai has announced that San Francisco-based blockchain solution provider for global payments, Ripple has established its regional headquarters in DIFC.
In an official announcement, DIFC stated that Ripple has selected the center due to its innovative regulatory structure and reputation as the leading global financial hub in the Middle East, Africa, and South Asia, also known as the MEASA region.
Established in 2004, DIFC is one of Dubai’s independent free-zones and offers 100% ownership to the corporates without the need of a local partner. The center has its own judicial system and law framework distinct from the legal system of the United Arab Emirates (UAE).
“Leveraging DIFC’s world-class platform, laws, and regulations, our FinTech firms are able to work with other DIFC’s clients, who form part of the region’s largest financial ecosystem, to contribute to the development of the global, regional and local finance industry. During this post-pandemic recovery period, we recognise how digital agendas are being prioritised. Ripple and the other 230+ FinTech related companies in the Centre are key to driving the future of finance,” Arif Amiri, Chief Executive Officer of DIFC Authority, said in a statement.
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The DIFC described Ripple as a perfect partner with an aligned vision to shape the future of finance. “Ripple is one of the most exciting client additions to DIFC this year. They are well regarded globally for innovation in the finance industry and therefore is a perfect partner and client for DIFC, given our vision to drive the future of finance. Together, we will advance the use of blockchain in Dubai, UAE, and the region, and accelerate the Emirates Blockchain Strategy 2021.” Amiri added.
Moving Ripple’s Headquarters
In recent media statements, Ripple CEO, Brad Garlinghouse said that the company is considering moving away from its current headquarters in San Francisco to a country with more clarity on cryptocurrencies and the application of blockchain technology.
Commenting on the announcement, Navin Gupta, Managing Director for South Asia and MENA at Ripple, said: “Ripple already has a significant client base in the MENA region and the opportunity to co-locate with our customers made DIFC a natural choice. Our regional office will serve as a springboard to introduce our blockchain-based solutions and deepen our ties with even more Financial Institutions in the region. We feel very welcome in our new regional home at DIFC.”