The National Bank of Egypt (NBE) has collaborated with the giant blockchain firm Ripple to create new inward remittance channels.

Under the agreement, the National Bank of Egypt has become Egypt’s first bank to foray into the blockchain sector.

Accordingly, the alliance will allow the bank to venture into new markets as well as extending its operations in the GCC region particularly.

Hisham Okasha, Chairman of the NBE, said:

“The bank’s access to RippleNet will open up a new payment channel, which will speed up remittances from the Gulf region to Egypt. Moreover, it will lead to lower costs.”

Egypt ranked fifth in terms of remittance in 2019 ($26.4 billion), followed by India, and then China and Mexico.

In a related context, Dalia El-Baz, NBE’s vice chairwoman, said:

“The security mechanisms used meet international standards such as PCI and the requirements of all regulatory authorities, thus providing the highest level of security required.”

Most importantly, NBE hopes to expand its customer base, while ensuring clients fulfill international insurance requirements.

Hisham Al-Safti, head of the treasury and international financial relations, said:

“The bank’s information security departments underwent several tests prior to signing the agreement. This ensured that there were no gaps in the system.”

“During the test phase, some changes were made to ensure that the efficiency of the payment channel reaches maximum output and that all security factors are fully met,” Al-Safti added.

According to the World Bank’s data, the global remittance market would reach $597 billion in 2020.

In the last 24 hour, XPR, the world’s third largest cryptocurrency with a market cap of $12.84 billion, rose 7.61 percent to $0.2933.

Cryptolydian earlier reported that Ripple co-founder Jed McCaleb sold over one billion XRP between 2014 and 2019.

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