The National Bank of Egypt has signed a cooperative agreement with Ripple to set new channels for inward remittances. The agreement seemingly puts the National Bank of the country as the first to venture into the blockchain sector.
Egypt was anticipated to be the fifth-highest remittance recipient country worldwide in 2019 ($26.4 billion), following India, China, Mexico and the Philippines. Meanwhile, the global remittance market in 2020 which refers to the money or goods that migrants send back to family and friends in their home countries is expected to reach $597 billion, according to data released by the World Bank.
Through the collaboration, the National Bank hopes to access new markets, also to support and extend its remittance business in the Gulf region in particular. In order to access faster and more efficient cross-border payments mechanisms, the bank also hopes to broaden its customer base, while assuring users of full compliance with international insurance standards and high levels of operational network security on the blockchain.
In signing up to RippleNet, the Egyptian bank also joins other correspondent banks and market participants in the Arab Gulf states, as well as institutions in financial hubs such as the United Kingdom and the United States.
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