Ripple Signs Agreement With National Bank of Egypt To Implement RippleNet

  • A “strong move” for Ripple to expand in Egypt, Middle East, and North Africa
  • Bank expecting the network of 300 banks and financial institutions to “grow exponentially”

The National Bank of Egypt has signed a cooperation agreement with San Francisco-based tech startup Ripple to receive remittances from Egyptians abroad and becoming the first bank in Egypt to use blockchain technology.

From the bank’s side, Hisham Okasha, Chairman of the National Bank of Egypt; Dalia El-Baz, Vice Chairman of the Board; Ghada El-Bili, Chief Executive of the Treasury; Hisham Al-Safti, Head of the Treasury and International Financial Relations Group; Khaled Taha, Head of Operations Group; and Sharif Safwat, Head of Technology Group Information and applications; along with Abeer Khadr, head of the information security sector were present at the event.

This agreement is a “strong move” for Ripple to spread in the region as it joins hands with the National Bank of Egypt, a distinctive strategic partner in not only Egypt but also in the Middle East and North Africa.

Naveen Gupta, Managing Director of the Middle East and North Africa Ripple; Marc Johnson, Vice President of Sales; Walid Bin Othman in charge of Sales in the Middle East and North Africa; and Sharon Wagner, Head of Project Management were present from Ripple’s side.

Expansion Opportunity for both Ripple and National Bank of Egypt

After the signing, Okasha said this new and important addition for receiving remittances will help the bank to expand in new markets and support its development of remittance business from different countries of the world, especially the Gulf region.

Dalia El-Baz also pointed out that RippleNet already has more than 300 banks and financial institutions part of its network which he said is expected to “grow exponentially.”

This partnership will also contribute effectively in ensuring the lowest rate of errors in updating the network security periodically in order to comply with new security standards as such allowing for qualitative banking performance.

Ghada Al-Bili also indicated future plans to implement the technology with many of its other correspondents in the Arab Gulf states.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Deregulating Bitcoin May Increase Speculative Trading Instead of Technical Innovation: Japan’s New Top Financial Regulator

Ryozo Himino, the new top financial regulator of Japan, wants the country to take caution over promoting digital assets, arguing that instead of promoting...

Goldman Sachs New Digital Asset Manager Reveals Plans to Bring A ‘Digital Token' to the Bank

U.S. financial giant Goldman Sachs is pushing forward its plans to launch a digital asset with the appointment of its new digital asset...

Grayscale Ethereum Trust Files with SEC to Halve the ETHE Locking Period Same as GBTC

Grayscale Investments has publicly filed a registration statement on Form 10 with the US Securities and Exchange Commission (SEC) on behalf of its Ethereum...

Florida Teenager Behind the Infamous Crypto Twitter Hack Pleads Not Guilty to 30 Counts of Fraud

Graham Ivan Clark, the 17-year old Florida teenager accused of being the main culprit of the most significant privacy breach in Twitter’s history, has...

Bitmain’s Management Feud Is Finally Affecting Business Operations; AntMiners Shipments Delayed

Bitmain’s top-level struggles cause a three-month delay in Antminer hardware. Two mutually exclusive solutions offered to customers. The constant wrangling within the largest Bitcoin...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today