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    Ripple partners with the largest bank in Egypt

    Ripple partners with the largest bank in Egypt

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    The National Bank of Egypt has gained access to the global payment network RippleNet to process cross-border payments from the UAE.

    Ripple has announced a partnership agreement with the National Bank of Egypt (NBE). Through the global payment network RippleNet, the bank gained direct access to financial services provider LuLu International Exchange, which is based in the United Arab Emirates. This will enable NBE to process cross-border payments from the UAE.

    Egypt received $ 24 billion in international remittances in 2020, thanks to a large diaspora of labor migrants in the Gulf States, according to a World Bank study, making it one of the five largest recipients of remittances in the world after India, China, Mexico and the Philippines.

    The National Bank of Egypt is the largest Egyptian bank, founded in 1898. NBE has 540 branches throughout the country.

    The RippleNet system allows banks to make cross-border money transfers almost instantly and at minimal cost. A litigation is currently underway between Ripple and the US Securities and Exchange Commission (SEC). The financial regulator accuses Ripple of illegally selling securities under the guise of $ 1.3 billion XRP tokens.


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