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The National Bank of Egypt (NBE), the oldest and largest commercial banks in the country, has joined Ripple's global blockchain network, RippleNet, Cointelegraph reported citing local news outlet Youm7.
NBE has signed a cooperation agreement with Ripple to establish new channels to receive remittances from Egyptians abroad. With this, NBE has become the first bank in Egypt to use blockchain technology.
The World Bank projected that the global remittance market will reach $597 billion in 2020. Egypt is counted among the highest remittance-receiving countries in the world, following India, China, Mexico, and the Philippines in 2019. The country is said to have received $26.4 billion in remittances last year.
Joining the RippleNet network that has over 300 international bank institutions will help NBE to access new markets and boost its remittance business, particularly in the Gulf region. Also, the partnership will enable NBE to facilitate faster and efficient cross-border payments.
National Bank Chair Dalia El-Baz is hopeful that RippleNet will make a positive contribution to the bank's liquidity management and foreign currency earnings.
Meanwhile, Ripple secured $200 million in a Series C funding round in December. The company will be using the money for global expansion and adding more talent to its pool. Japanese financial service company SBI Holdings and investment firm Route 66 Ventures were among those who participated in the round.
“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019,” said Ripple CEO Brad Garlinghouse.
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