In a new beginning for the National Bank of Egypt towards providing more effective channels in the field of internal transfers, a cooperation agreement was signed with Ripple.

The new agreement allows the Egyptian bank to use a new communication channel to receive remittances from Egyptians abroad, making the National Bank the first bank in Egypt to use blockchain technologies.

It was announced that the Egyptian Bank joined the Ripple network before one The Egyptian electronic newspapers yesterday and it was shared by the “Bank XRP” account on Twitter.

Ripple signs a cooperation agreement with the National Bank of Egypt. Ripple Net, the first of its kind among Egyptian banks, aims to provide more effective channels in the field of incoming remittances, Tweet embed

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February 11, 2020

translator link pic.twitter.com/JDBHJI19ot

– 𝗕.𝗸 𝑿𝑹𝑷 (BankXRP) February 11, 2020

About the partnership:

The signing ceremony was attended by Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, Dalia El-Baz, Vice Chairman of the Board of Directors, Ghada El-Baili, CEO of Treasury, External Relations and International Financial Services, and Hisham El-Safty, Chairman of the Bank’s Board of Directors.

Khaled Taha, Head of Operations Groups, Sherif Safwat, Head of Information and Applications Department in the Technology Group, and Abeer Khader, Head of Information Security Sector, in addition to representatives of the company and the bank sector.

On the Ripple side, Naveen Gupta, Managing Director for the Middle East and North Africa region, Mark Johnson, Vice President of Sales, Waleed Bin Othman, responsible for sales in the Middle East and North Africa, and Sharon Wagner, President of Ripple, attended the event. Project management.

After the signing, “Hisham Okasha” (President of the National Bank of Egypt) stated that the implementation of this agreement will add new and important tributaries to receive transfers from correspondents from “RippleNet”, which is the first of its kind among Egyptian banks.

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This comes within the framework of the role of the National Bank of Egypt in supporting the development of remittances business from various countries of the world, especially the Gulf region.

Dalia El-Baz (Vice President of NBE) added that the RippleNet network includes more than 300 banks and financial institutions spread all over the world, and the number of subscribers to that network is expected to increase significantly.

In addition, the mechanisms provided by the service that contribute to support liquidity management as well as increase the profits of national currencies will allow the National Bank.

She indicated that the new channel will allow more time to cooperate with new correspondents in response to the needs of its existing customers and attract new customers by providing a better and faster service.

She continued to clarify that the channels for receiving foreign remittances received by the bank fully comply with international insurance standards and parameters such as PCI, as well as the requirements of all regulatory bodies that provide the highest rates of safety in operation, in addition to the application of blockchain technologies that contribute effectively to ensuring the implementation of financial operations with the lowest rates of errors where it is committed to The company periodically updates network security to comply with any new security standards, thus reducing dependency.

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Ghada Al-Baili (CEO of Treasury, External Relations and International Financial Services) also indicated that the agreement will allow improving liquidity management mechanisms by both correspondents and the bank, as the reporter will have the opportunity to know the true balance of operations in an immediate manner, emphasizing that this system is applied Actually on many of the bank’s current correspondents, in addition to having future plans to implement it with many other partners.

It also allows the possibility of linking up with a number of correspondents in other countries, such as the United Kingdom, the United States of America and Canada, in an effort to provide an efficient and effective service.

Regarding the coordination between the National Bank of Egypt and Ripple, Hisham El-Safty (Head of Treasury and International Financial Relations) stated that all safety tests were conducted before signing the agreement in coordination with the information security departments of the bank to ensure that there are no loopholes in the system that might hinder its implementation at any of its stages.

Adjustments were made according to the observations that occurred during the experimental stages to enhance the efficiency of these channels, because they include safety factors, which are among the most important priorities of the system.

About the National Bank of Egypt:

The National Bank of Egypt was established in 1898, and it is the oldest bank in Egypt.

The bank provides retail, corporate and investment banking services.

The bank employs about 16,200 employees and is headquartered in Cairo.

The bank has more than 413 branches and 3,823 ATMs across the country.

It also has branches in New York and Shanghai, as well as representative offices in Johannesburg, Dubai and Addis Ababa.

In 2016, the bank published total assets of $63.20 billion and net profit of $595 million.

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