- The National Bank of Egypt, one of the largest banks in Egypt, has joined RippleNet.
In a new start for the National Bank of Egypt, towards providing more effective channels in the field of inward remittances, a cooperation agreement was signed with Ripple, through which a new communication channel is available to receive remittances from Egyptians abroad, making the National Bank the first bank in Egypt to use Blockchain technologies. This was announced earlier today by a local Egyptian electronic newspaper and shared by XRP research Bank XRP.
About the partnership
The signing ceremony was witnessed by Hisham Okasha, Chairman of the National Bank of Egypt, Dalia El-Baz, Vice Chairman, Ghada El-Beli, Chief Executive of the Treasury, Foreign Relations and International Financial Services, Hisham Al-Safti, Head of the Treasury and International Financial Relations Group, Khaled Taha, Head of Operations Groups, and Sharif Safwat, Head of Technology Group Information and applications, and Abeer Khadr, head of the information security sector, in addition to the company’s representatives and the bank’s sector-related team.
Naveen Gupta, Managing Director of the Middle East and North Africa, Marc Johnson, Vice President of Sales, Walid Benothman in charge of Sales in the Middle East and North Africa, Sharon Wagner, Head of Project Management, Nick Tablin and Dara Dalpin, represented Ripple at the signing ceremony.
After the signing, Hisham Okasha (Chairman of the National Bank of Egypt) stated that the implementation of this agreement will add a new and important tributary for receiving remittances from correspondents from RippleNet, which is the first of its kind among Egyptian banks, and this comes within the framework of the role of the National Bank of Egypt supporting the development of remittance business coming from different countries of the world, especially the Gulf region.
Dalia El-Baz (Vice Chairman of the NBE) also added that the RippleNet network includes more than 300 banks and financial institutions spread in all countries of the world and it is expected that the number of subscribers to that network will grow exponentially, in addition to the mechanisms provided by the service that contribute to supporting liquidity management as well as increasing the National Bank’s foreign currency earnings. She pointed out that the new channel will allow more time to cooperate with new correspondents in response to the needs of its existing clients and attract new clients by providing a better and faster service. She continued to explain that the channels of receiving external transfers received by the bank fully comply with international insurance standards and determinants such as PCI as well as requirements of all regulatory bodies that provide the highest rates of safety in operation, in addition to applying blockchain technologies that contribute effectively to ensuring the implementation of financial operations with the lowest rates of errors as the company is committed to updating the network security periodically to comply with any new security standards, which reduces dependency.
Ghada Al-Bili (Chief Executive of the Treasury, Foreign Relations and International Financial Services) also indicated that the agreement will allow improve liquidity management mechanisms by correspondents and the bank alike, where the reporter has the opportunity to know the real balance of operations in an instant manner, stressing that this system is actually applied to many of the bank’s current correspondents, in addition to having future plans to implement it with many others. It also allows the possibility of linking 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 effective and efficient service.
On the coordination between the National Bank of Egypt and Ripple regarding the agreement, Hisham Al-Safti (Head of Treasury and International Financial Relations) stated that all safety tests were taken before signing the agreement in coordination with the bank’s information security departments to ensure that there are no loopholes in the system that might hinder its implementation in any of its stages. Amendments 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
Established in 1898, the National Bank of Egypt is the oldest of the banks in Egypt. The bank offers retail, corporate, and investment banking services. With around 16,200 employees, it is headquartered in Cairo. It oversees 413 branches and 3,823 ATMs across the country. It also maintains branches in New York and Shanghai, as well as representative offices in Johannesburg, Dubai, and Addis Ababa. In 2016, the bank posted total assets of US$63.20 billion and a net profit of US$595 million.
The National Bank of Egypt has been added to our Ripple ecosystem.