Egypt's CIB Spearheads Cross-Border Payment Revolution with Ripple

Egypt's CIB Spearheads Cross-Border Payment Revolution with Ripple

By Staff Writer, 22 February 2024

Ripple, a prominent provider of blockchain solutions, has embarked on a significant partnership with Egypt's Commercial International Bank (CIB), marking a notable expansion into the Egyptian market.

This development follows Ripple's recent announcement of plans to strengthen its presence in the United States, signaling a concerted effort toward global expansion.

The collaboration between Ripple and CIB, highlighted in the latest Egypt Fintech 2024 report by Shehata & Partners Law Firm, is anticipated to revolutionize cross-border payments.

CIB aims to capitalize on this partnership to enhance the efficiency of international remittance services, according to industry experts.

This strategic move positions CIB as the first major Egyptian bank, apart from the National Bank of Egypt (NBE), to publicly declare its partnership with Ripple.

Notably, it signifies an increasing trend of adoption within Egypt's financial sector, expanding beyond NBE's previous partnership with LuLu Exchange.

Sean McBride, a former Ripple Director, underscored the significance of such collaborations, drawing parallels with Ripple's partnership with SBI Remit in Japan.

McBride emphasized Ripple's strategy of establishing a foothold and introducing its technology within various ecosystems.

While specifics regarding the extent of CIB's integration of Ripple's technology remain undisclosed, analysts foresee a transformative impact on the efficiency and cost-effectiveness of cross-border transactions.

As Egypt embraces blockchain innovation, CIB's collaboration with Ripple heralds a new era of streamlined international remittances, potentially leading to increased adoption of Ripple's native digital asset, XRP.

Source: CoinGape

Related Report

Egypt Startup Ecosystem

Egypt's Burgeoning Start-Up Ecosystem

A look at the movers and shakers inside Egypt’s start-up ecosystem that attracted US $491 million in VC funding in 2021, and is expected to break the US $1 billion funding ceiling in 2022.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems