Ripple Labs has been gaining significant attention in the Middle East and North Africa (MENA) region, as evidenced by recent coverage in leading Arabic newspapers, Kuwait’s Al-Seyassah and Al Qabas. This increased media focus coincides with the company’s active expansion and partnership initiatives in the region as well as the Swell conference taking place from November 8 to 9 in Dubai.
Crypto influencer Crypto Eri highlighted Kuwait Al-Seyassah’s report on RippleNet, emphasizing the transformative role of fintech in Kuwait’s financial sector. The article features the collaboration between Kuwait Finance House (KFH) and the fintech company for cross-border transfers using RippleNet.
Tareq Al-Ajeel, KFH’s executive manager of digital transformation, stressed the importance of such partnerships, stating, “Banks and institutions must adopt these programs.”
The report by Al-Seyassah underscores a paradigm shift in the financial industry, recognizing infrastructure investment as a crucial necessity rather than a mere option. It shows the need for banks and financial institutions to integrate innovative programs to remain competitive and cater to evolving market demands.
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In addition, Al Qabas published a detailed report on the Ripple-KFH alliance. Tareq Al-Ajeel of KFH highlighted the bank’s collaboration with the company to launch instant financial transfer services across borders using RippleNet.
Al-Ajeel’s statement, as reported by Al Qabas, emphasized the bank’s ongoing efforts to forge new partnerships with emerging tech companies and fintech providers, aiming to deliver innovative financial solutions to their customers.
Crypto Eri, a strong voice in the XRP community, has spotted the news coverage and pointed out the increasing visibility of Ripple in the MENA region. She anticipates further coverage, especially with the upcoming Swell conference in Dubai. Eri’s observations suggest a growing recognition of the company’s role in reshaping cross-border payment systems in the region.
The featured articles in Kuwait Al-Seyassah and Al Qabas signify a growing interest and acceptance of Ripple’s technology in the MENA region. Approximately 20% of the company’s customers are based in MENA. KFH and Ripple have already entered into a partnership in 2021 to redefine cross-border banking in the Middle East.
A few days ago, the fintech made an announcement that the Dubai Financial Services Authority (DFSA) has granted approval for the use of the digital asset XRP within the Dubai International Financial Centre (DIFC). With this approval, firms in the DIFC that hold virtual asset licenses can now include XRP in their range of virtual asset services.
At press time, XRP traded at $0.6875.
The attention and approval Ripple has gained in the MENA region mark a significant milestone for the company. The partnership between Ripple and KFH, as well as the regulatory approval in Dubai, demonstrate the growing recognition and acceptance of Ripple’s technology and solutions in the region.
The Swell conference in Dubai, which is set to take place from November 8 to 9, will likely further bolster Ripple’s presence and influence in the MENA region. As one of the largest global conferences dedicated to discussing real-world blockchain use cases and bringing together influential voices in finance, payments, blockchain, and cryptocurrencies, Swell is an important platform for Ripple to showcase its achievements and further expand its network of partnerships and collaborations in the region.
The increasing visibility and acceptance of Ripple in the MENA region are indicative of the company’s efforts to reshape cross-border payment systems and deliver innovative financial solutions to banks, financial institutions, and consumers in the region. With the growing partnerships and regulatory approvals, Ripple is well-positioned to play a pivotal role in transforming the financial landscape of the MENA region and beyond.
