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Bank of Egypt to apply blockchain technology through Ripple

The National Bank of Egypt is partnering with Lulu International Exchange to offer service to Egyptian citizens working in the United Arab Emirates.
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The National Bank of Egypt is partnering with LuLu International Exchange to offer service to Egyptian citizens working in the United Arab Emirates.

Egypt receives a large amount of remittance flow from its ex-pat communities. Since a lot of them are working in the UAE, the largest bank in the country is trying to find new ways for assisting them. The news was disclosed on Ripple’s webpage on May 18th. 

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“Through Ripple’s global payments network RippleNet, NBE has connected with the UAE-based financial service provider LuLu International Exchange – part of the LuLu Financial Group – to process cross-border payments from the United Arab Emirates (UAE) to Egypt.”

Ripple Insight

Through partnering with Ripple, the National Bank of Egypt and LuLu International have a purpose to offer faster and cheaper transactions made through the Egypt-UAE remittances corridor.

”NBE’s partnership with Ripple will help to improve overall efficiency by enabling NBE to establish new alliances across wider markets with reduced cost and quicker integration time. We are very excited to announce our new partnership with Ripple and Lulu which we believe will contribute to a further acceleration of the Egypt-UAE remittances corridor.”

Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE.

Ripple Labs was created for serving banks and payment providers, so they can lower costs and accelerate settlements. Back in March, Ripple published a white paper about the future of central bank digital currencies. According to this report, XRP, Ripple’s cryptocurrency, is a neutral bridge for CBDCs. 

Titled ‘The Future of CBDCs’, the document underlines the probable advantages that central bank digital currencies can provide to the economy. It also states that it is very important for governments to support their residents, principally the unbanked, with payments and benefits. 

The white paper brings up an issue about cross-border payments using CBDCs. According to Ripple, these kinds of payments aren’t being noticed and given the proper attention from central banks. If commercial institutions are permitted to make international trades, CBDCs may lead countries to competitive benefits.

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