Today, Ripple announced a new partnership with Egypt's largest bank, the National Bank of Egypt (NBE).
The National Bank of Egypt was founded in 1898 and holds about a quarter of all deposits in the country. It is also the third largest Arab bank in the world in terms of total assets.
Ripple's announcement reveals that thanks to global payments network RippleNet, NBE has linked up with financial services provider LuLu International Exchange in the United Arab Emirates to process cross-border payments from the UAE to Egypt.
In fact, Egypt receives a total of around $ 24 billion in remittances, surpassed in this ranking only by India, China, Mexico and the Philippines.
Cross-border remittances sent through traditional systems are slow and expensive, while with RippleNet they can become faster and cheaper.
Association of Ripple and the National Bank of Egypt for Cross-Border Payments
RippleNet is a blockchain-based platform and is designed to help its partners to "Accelerate the performance and scale of your business" .
Hesham elsafty, NBE Group Head for International Financial Institutions and Financial Services, said:
“Egypt is among the top five countries in the world in terms of remittances received from its expatriate communities abroad. Given the important role that remittances play in the Egyptian economy, the National Bank of Egypt has the continuous objective of developing and improving the infrastructure that belongs to this line of business ”, said Hesham Elsafty, Group Head of Financial Institutions and International Financial Services in NBE.
“NBE's partnership with Ripple will help improve overall efficiency by allowing NBE to establish new alliances in broader markets with reduced cost and faster integration time. We are very excited to announce our new partnership with Ripple and Lulu, which we believe will contribute to further acceleration of the remittance corridor between Egypt and the UAE. "
The CEO of LuLu Financial Group, Adeeb Ahamedadded:
“Our partnership with Ripple and NBE reaffirms our commitment to enhancing the payments ecosystem in the MENA (Middle East and North Africa) region through meaningful collaboration and appropriate technology adoption. By unlocking the full potential of the UAE-Egypt corridor, the partnership will help provide a reliable, transparent and accessible cross-border payment solution for the Egyptian community and businesses in the UAE. ”
However, the price of XRP did not benefit from this news as it lost 5% compared to yesterday.