Ripple is expanding its presence in the MENA region after فیصلہ کرنا to connect with Egypt’s national bank and Dubai’s Lulu Exchange as announced on Wednesday.
ہم مصر کے سب سے بڑے بینک کا اعلان کرنے پرجوش ہیں @ NBE1898 پر ہے # ریپل نیٹ، کے ساتھ مربوط ہے ٹویٹ ایمبیڈ کریں to process cross-border payments from UAE to Egypt. Learn more about the partnership here: https://t.co/gc9rHht1ii
ریپبل (@ ریلپل) 19 فرمائے، 2021
Ripple Connects With Egypt’s National Bank
Egypt’s largest bank was founded a long time ago in 1898. In terms of assets, this is the country’s largest banking institution, LuLu International Exchange will now be able to facilitate remittance inflows from the متحدہ عرب امارات.
مصر is the world’s sixth-largest recipient of remittances, with an estimated $24.4 billion sent home by overseas workers last year.
In his statement, Navin Gupta, Ripple’s MD for South Asia and MENA, emphasized the importance of fast and cheap remittances:
“Today, the ability to send and receive money quickly, reliably, and cheaply is more important than ever. Ripple is proud to collaborate with NBE and LuLu Exchange to strengthen the MENA region’s financial infrastructure and provide the Egyptian community with a frictionless cross-border payment experience."
Egypt is a major recipient of international remittances. In 2020, the North African country received more than $24 billion in remittances. Egypt, India, Mexico, China, and the Philippines were among the top global remittance recipients in 2020.
The Dominance Of Ripple In The MENA Region
Last January, Ripple announced a partnership with Abu Dhabi-based Lulu Financial Holdings.
For years, the MENA region has been the place to be for Ripple. In February 2018, the company signed an agreement with Saudi Arabia’s central bank to use its technology to settle payments for the kingdom’s banking institutions.
Ripple has also partnered with banks in Oman, Kuwait, and the United Arab Emirates.
In November, the company also established a regional headquarters in دبئی, amid rumors that it might leave the United States due to regulatory uncertainty.
LuLu Financial Group has کا اعلان کیا ہے to connect with Ripple and the National Bank of Egypt. The collaboration will aid in the delivery of a dependable, seamless, and accessible cross-border payment solution.
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