Ripple’s President, Monica Long, recently met with UAE officials at the Dubai Fintech Summit to discuss boosting blockchain and fintech. This move aims to position Ripple and the region at the forefront of the digital finance revolution.
During the event, Emirates CEO Sheikh Ahmed bin Saeed Al Maktoum engaged with leaders from Kotak Mahindra, Ripple, and Bolt to explore collaboration and innovation in the rapidly growing fintech sector. The summit drew over 9,000 attendees, including CEOs, investors, policymakers, and innovators from more than 120 countries.
The meeting revolved around Dubai’s D33 plan to become a top 4 global financial hub, targeting AED100 billion in yearly digital revenue by 2033. Discussions also touched upon the role of DIFC as a gateway for global financial institutions and strategies for digital expansion by leading institutions like Kotak Mahindra Bank.
With a new DFSA license, Ripple is now positioned to facilitate cross-border payments in the UAE, tapping into a $400 billion market. The company already serves 20% of its customer base from the Middle East.
Ripple continues to strengthen its presence in the UAE by forging partnerships for the future. In 2024, Ripple collaborated with the UAE’s International Financial Center (DIFC) to accelerate blockchain and crypto adoption among startups. CEO Brad Garlinghouse has lauded XRPL as the region’s top blockchain tech.
Having secured over 60 global approvals, including from regulators like Singapore’s MAS and New York’s DFS, Ripple is making significant strides in the fintech space. DIFC CEO Arif Amir commended the UAE for supporting innovators like Ripple and bridging the East-West gap in fintech.
According to Reuters, the UAE has inked a massive 10-year $1.4 trillion investment deal with the US, signaling a substantial increase in the UAE’s existing investments in the U.S. economy.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
