US-based crypto firm Ripple is actively developing cryptocurrency solutions to improve the $156 trillion cross-border payments market, with a focus on the Middle East, according to TradingPlatforms.com.

“The new technological solutions introduced by Ripple are poised to empower customers in the Middle East by improving their experience with international transactions,” the London-based online comparison platform for online traders said in a report.

By offering faster, more secure, and cost-effective payment options, Ripple will enable businesses and individuals in the region to participate more swiftly in the global economy.

Last month, the company announced the opening of a new office in Dubai International Financial Centre (DIFC) with plans to hold Swell Global 2023, the seventh edition of its annual customer conference, in the emirate on November 8-9.

Ripple has established partnerships with major regional banks and financial service providers, including the National Bank of Fujairah in the UAE, the Saudi British Bank and the Kuwait Finance House.

Through these partnerships, these institutions will be able to leverage Ripple’s advanced technology to offer their customers secure and cost-effective international payment options.

According to TradingPlatforms.com, the success of Ripple in the Middle East is expected to have a profound impact on the entire industry.

“As more and more financial institutions adopt Ripple’s technology, traditional payment methods are anticipated to become increasingly obsolete,” it said, adding the shift will likely drive further innovation and competition in the industry.

(Edited by Brinda Darasha; brinda.darasha@lseg.com)