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.