Egypt’s Oldest Bank NBE Signs Agreement With Ripple in bid to Push Remittance

As the cryptocurrency company Ripple continues to fight its legal battle with America’s financial regulator, it has signed an agreement with a prominent Egyptian bank, NBE. The National Bank of Egypt aims to utilize payment services lulu and RippleNet to facilitate cross-border payments.

Egypt’s bank and the crypto payment provider cemented their partnership after inking an agreement last year. Initially, the agreement parties agreed to use Ripple’s institutional payment system to increase the remittances.

Wednesday’s announcement also revealed that the UAE-based LuLu might also join the agreement between Ripple and one of Egypt’s oldest banks. In the aftermath of the agreement, the three parties aim to assist the remittances. Egypt, which remains the fifth largest remittance receiver after the Philippines and China. While commenting on the latest agreement, a senior NBE official said,

NBE’s partnership with Ripple will help to improve overall efficiency by enabling NBE to establish new alliances across wider markets with reduced cost and quicker integration time. We are very excited to announce our new partnership with Ripple and LuLu, which we believe will contribute to a further acceleration of the Egypt-UAE remittances corridor.

Though the crypto payment provider has started to provide its services outside the United States, it faces a legal battle in America, where the company is based. Last year in December, the US SEC brought charges against the company and its top officials over allegations of unregistered securities.

Since the beginning of the trial, there have been numerous developments. Interestingly, most of them favored Ripple, with the court allowing the company to access the American regulator’s discussion on the world’s most popular currency, Bitcoin and Ethereum.

Besides that, the court also ordered the regulator to withdraw as many as six notices sent to banks asking for the personal information of investors.

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