National Bank of Egypt Joins RippleNet to Offer UAE-Egypt Remittances
- Egypt is one of the top five remittance recipients globally, receiving $24 billion in 2020 from the Gulf states alone.
- NBE’s partnership with RippleNet and LuLu will improve the overall efficiency of the Egypt-UAE remittance corridor.
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According to a Ripple press release From 18 May, the partnership between LuLu Exchange and the National Bank of Egypt is in response to the growing diaspora employed in the Gulf states. In 2020, Egypt received $24 billion in remittances from Gulf states, including the UAE, making it one of the top five remittance recipients globally after India, China, Mexico, and the Philippines.
Hesham Elsafty, the Group Head for Financial Institutions and International Financial Services at NBE, said that the National Bank of Egypt has been working on developing and enhancing the infrastructure which pertains to remittances.
“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,” he added.
The partnership between the entities will unlock the full potential of the UAE-Egypt remittance corridor and deliver a reliable cross-border payments solution for the Egyptian community, said Adeeb Ahamed, Managing Director of LuLu Financial Group.
Earlier this year, RippleNet and LuLu Exchange partnered with India’s Federal Bank to make cross-border transactions between the UAE and India faster and more secure.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
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- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
- All virtual asset service providers (VASPs) in the UAE are now required to submit a licensing application with the Securities and Commodities Authority.
- Firms that have already acquired a license in the UAE’s financial free zones will be exempted from the requirement, but those in Dubai will still need to apply with the SCA.