National Bank of Egypt to use RippleNet technology
Blockchain firm Ripple announced yesterday that it had added a new member to its RippleNet network. The National Bank of Egypt (NBE) will now carry out cross-border transactions using Ripple’s global payments network RippleNet.In a blog post, Ripple revealed that the NBE is now connected with the UAE-based financial service provider LuLu International Exchange. The new partnership will allow LuLu to process cross-border payments between the United Arab Emirates (UAE) and Egypt on behalf of the NBE.
Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE, said, “Egypt ranks amongst the top five countries worldwide in terms of remittances received from its overseas expatriate communities. Given the important role remittances play in the Egyptian economy, the National Bank of Egypt is continuously aiming to develop and enhance the infrastructure which pertains to this line of business.”
This latest development is a huge one for Ripple as Egypt received $24 billion in remittances last year. This makes it one of the leading remittance recipients globally after India, China, Mexico and the Philippines. Elsafty added that the partnership between Ripple and NBE would allow them to unlock the full potential of the UAE-Egypt corridor. Thus, the move will help Egypt’s largest bank deliver reliable, seamless and accessible cross-border payments solutions to Egyptian businesses and UAE community.
Ripple’s case with the US SEC is still ongoing
The blockchain firm is currently in a legal battle with the United States Securities and Exchange Commission (SEC). The SEC had accused Ripple of issuing and selling XRP coins as unregistered securities. However, the blockchain firm has denied the allegations, claiming the XRP is not a security. The case is still ongoing, and you can follow it as it unfolds live here.Continue reading by joining Cryptonary Pro
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