Navin Gupta, Ripple’s Managing Director for South Asia and MENA, an acronym for the Middle East and North Africa, confirmed the company’s optimistic view of the region and plans for further expansion in an interview with ZAWYA. As XRP fuels Ripple technology, the expansion of cross-border transfers via RippleNet and the widespread use of on-demand liquidity (ODL) by regional financial institutions are expected to lead to increased use and adoption of the cryptocurrency in this region.
The MENA region has already begun to implement ODL technology, according to Gupta, referring to Pyypl, a Ripple partner since last year. Furthermore, the company’s regional partner networks include major banks such as Saudi British Bank and Qatar National Bank. According to a spokesperson, all these businesses are using Ripple’s crypto technologies to facilitate cross-border transactions and are piquing the interest of other organisations that are not yet partners.
All boxes ticked
According to Gupta, there is also interest in using XRP Ledger in specific states such as the United Arab Emirates, which, if it translates into a relevant development solution for the region, could be rewarded with a grant from Ripple or the XRPL Foundation. To refresh your memory, the UAE recently announced plans to become a global crypto hub, and Dubai has long been a base for many crypto businesses.
However, Ripple intends to expand in the region in accordance with all applicable laws, presumably to avoid an even bigger multi-million dollar headache and is already in discussions with lawmakers and regulators in the Middle East and North Africa.