After Ripple Labs and the National Bank of Egypt reaffirmed their partnership, RippleNet will be utilized for remittance payments between the UAE and Egypt.
While Ripple fights the SEC in court in the United States, the blockchain business has teamed up with Egypt’s largest and oldest bank, the NBE. The National Bank of Egypt will process cross-border payments from the UAE to Egypt using RippleNet and the financial service provider LuLu. After reaching an initial agreement in February 2020, Ripple and the NBE have decided to expand their partnership.
For remittance payments between the UAE and Egypt, RippleNet will be used.
Ripple and Egypt’s National Bank plan to use RippleNet, Ripple’s network of institutional payment providers, to improve remittance payments. On May 19th, the blockchain-based payment processor announced the latest agreement with Egypt’s oldest bank. It involves a third party, the LuLu International Exchange, a subsidiary of the LuLu Financial Group, based in the United Arab Emirates. Cross-border payments from the United Arab Emirates to Egypt will be possible as a result of the partnership.
“The partnership between NBE and Ripple will help to boost overall efficiency.”
After India, China, Mexico, and the Philippines, Egypt is the fifth largest remittance recipient, receiving over $24 billion in remittances last year alone
The Securities and Exchange Commission previously charged ripple in December 2020 for executing an unregistered security offering.