Dubai International Financial Centre (DIFC) announced that Ripple, the enterprise blockchain solution for global payments, has established its regional headquarters there.

Ripple reportedly chose DIFC for its “innovative regulations, expansive network and reputation as a leading global financial center”.

Cointelegraph previously reported that Ripple initially had shortlisted Japan and Singapore as potential locations for its new offices, citing SBI Holdings CEO Yoshitaka Kitao as the source.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 25,000 professionals working across over 2,500 active registered companies – making up a large and diverse pool of industry talent in the region.

Arif Amiri, Chief Executive Officer of DIFC Authority said:

“During this post-pandemic recovery period, we recognise how digital agendas are being prioritised. Ripple and the other 230+ fintech related companies in the centre are key to driving the future of finance. Ripple is one of the most exciting client additions to DIFC this year. Together, we will advance the use of blockchain in Dubai, UAE and the region, and accelerate the Emirates Blockchain Strategy 2021.”

Navin Gupta, Managing Director for South Asia and MENA at Ripple said:

“Ripple already has a significant client base in the MENA region and the opportunity to co-locate with our customers made DIFC a natural choice. Our regional office will serve as a springboard to introduce our blockchain based solutions and deepen our ties with even more financial institutions in the region. We feel very welcome in our new regional home at DIFC.”