Dubai International Financial Center (DIFC) recently announced that Ripple, a blockchain solution provider for global payments, has established its regional headquarters in DIFC. The decision to make Dubai the regional headquarter came after Ripple’s management announced the need to move away from San Francisco.
According to the official announcement, Ripple chose the center due to its innovative structure and achievements as the leading global financial hub in the Middle East, Africa, and South Asia region (MEASA region).
Dubai International Financial Center was established in 2004 and has since been a renowned center in Dubai. It is also one of Dubai’s independent free-zones that offer 100% ownership to the corporates without requiring a local partner. The center has its judicial structure and law framework that is distinct from the legal system of the United Arab Emirates (UAE).
Speaking on the new development, the Chief Executive Officer of DIFC, Arif Amiri, said:
“By leveraging the world-class platform, laws, and regulations in DIFC, our FinTech firms can work with other DIFC’s clients. These clients form part of the region’s largest financial ecosystem, which contributes to the development of the global, regional, and local finance industry. During this post-pandemic recovery period, we also recognize the importance of digital agendas. Ripple and other 230+ FinTech related companies in the Centre are key to driving the future of finance.”
The DIFC further described Ripple as a perfect partner with a similar vision to restructure the future of finance. Arif Amiri also added:
“Ripple is one of the most exciting client additions to DIFC this year. They are well-known globally for innovation in the finance industry. Therefore, having them on board is a perfect choice, considering our vision to drive the future of finance. Together, we will advance the use of blockchain in Dubai, UAE, and the region in general. We will also accelerate the 2021 Emirates Blockchain Strategy.”
DIFC is a natural choice for Ripple’s Headquarters
Brad Garlinghouse, the CEO of Ripple, believes that Ripple needs to leave its current headquarter in San Francisco. Putting everything into consideration, the most preferred place of choice is Dubai because the country has profound clarity on cryptocurrencies and blockchain applications.
Commenting on the announcement, the Managing Director for South Asia and MENA at Ripple, Navin Gupta, said:
“Ripple has a significant client base in the MENA region, and the need to co-locate with our customers made DIFC a natural choice. Our regional office will also serve as a springboard to introduce our blockchain-based solutions and strengthen our ties with even more Financial Institutions in the region. We are glad to be in our new regional home at DIFC.”