National Bank of Egypt Joins RippleNet

RippleNet, the global payment blockchain network, has entered into an agreement with the National Bank of Egypt (NBE).

Egypt's largest financial institution is preparing to use the capabilities of blockchain technology to provide more efficient international money transfers.

The partnership between the RippleNet Network and the National Bank of Egypt will allow the bank to reduce cross-border money transfer costs, improve customer service and increase bank foreign exchange earnings.

This new partnership will benefit bothparties, facilitating transactions for any international financial transactions. Egypt – fifth largest remittance market in the world with expected transaction volume of $20.5 billion – is an important and valuable customer for RippleNet. 

Ripple's partner, the global payment giant MoneyGram, has already entered into a partnership agreement with Egyptian Suez Canal Bank, seeking to gain a foothold in the region.