Ripple Labs, a US-based payment exchange network, has opened a new Asia Pacific subsidiary in Sydney, Australia.

The company has named Dilip Rao as new managing director of the subsidiary, Ripple Lab Asia Pacific.

In his new role, Dilip Rao will oversee business development and operations for Ripple Labs Asia Pacific. He will also engage with banks, regulators and central banks in support of Ripple’s adoption.

Prior to joining Ripple Labs, he has consulted major banks and corporates in Australia on innovation and was the founder of Australia’s first person-to-person payments startup.

The move is in response to increasing demand for Ripple’s real-time settlement protocol in the region as well as to connect Ripple Labs partners in the US and Europe with Asian Pacific markets.

The new Sydney office is planning to hire new staff including integration engineers, architects and other key hires.

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By GlobalData

The company said that the subsidiary’s regional mandate will include Australia, New Zealand, Japan, China and other countries in Southeast Asia and the Middle East.

Ripple Labs CEO and co-founder Chris Larsen said: "We are excited to formally unveil a presence in Asia Pacific — an area that has been aggressively pursuing faster payment technologies for both domestic and cross-border payments."