Ripple promotes the technology of distributed Ledger, which meets the regulatory requirements and is fairly easy to customers, banks and financial institutions who prefer privacy and confidentiality, could easily use this platform.
Now the network has many partners, banks, payment providers. RippleNet is a global phenomenon, and plans to open a new office in Dubai Ripple to the end of the financial year appeared in order to meet the market requirements of Middle East market. According to the head of unit for innovation in infrastructure Ripple of Dilip RAO, who spoke during the Global Islamic economic summit, Ripple solutions are cost-effective, convenient and cheap. He said that the idea of the DLT as the solution for all meets expectations, fits well with the plans of UAE and because of its global nature stimulates the emergence of innovation.
– I think that the statements of the government of the UAE that 50% of all government transactions will be distributed on the technology of distributed ledgers by 2020 is one of the best ways to encourage innovation, attract companies specializing in financial technology on the market that will lead to the development of local iterations, said RAO.
He also told about a few companies like Coil, where users can easily monetize their web content. Recognizing the Internet as one of the fastest growing markets, RAO said that their goal is to attract more customers from the Middle East and Southeast Asia. In addition, he stressed that Ripple as a technology company, agrees well with the laws of Sharia, because they always keep track of the parties involved and their contractual obligations, to prevent an unnecessary breach of trust.
– If you make a token asset worth a million dollars, now millions of people can own the asset, and not one person. Therefore, we believe that well agrees with all the principles of Islamic Finance, said RAO.
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