The National Bank of Egypt has entered a strategic collaboration with Ripple, via a cooperation agreement, to look for a tool that helps enhance inward remittances.
Reported by Youm7 on February 11th, this freshly established partnership is the first time Egypt has had any association with the blockchain industry.
By becoming a member of the Ripple network – with the current number of joined global banks and institutions is 300 – the National Bank primarily looks to enter new markets, as well as support and further the growth of its remittance services, throughout the Gulf region, specifically.
National Bank Chair Dalia El-Baz claimed to have high hopes in the rapid development of RippleNet, which will ultimately result in an incline of the bank’s liquidity management and foreign currency earrings.
By being able to tap into cross-border payments mechanisms that offer enhanced speed and efficiency, the National Bank expects to attract a broader audience for its customer base, while making sure users entirely comply with international insurance standards, together with the advanced levels of blockchain-based operational network security.
With its new RippleNet membership, the Egyptian bank now sits in the same table as numerous correspondent banks and market players in the Arab Gulf states, along with institutions located in offshore financial centers, nominally the UK and the US.