The Commercial International Bank (CIB), one of Egypt’s largest banks, has partnered with fintech firm Ripple to incorporate blockchain technology into its operations, aiming to enhance the efficiency of cross-border payments.
CIB is also venturing into the world of non-fungible tokens (NFTs) by enabling customers to create unique and collectible digital tokens in an initiative that is particularly focused on the tourism industry, aiming to simplify payments and offer loyalty rewards to travelers, highlighting the bank’s innovative approach to digital finance, according to a recently shared report by Shehata & Partners on Egypt Fintech .
CIB’s move into blockchain and NFTs aligns with the Egyptian government’s broader strategy to investigate and utilize blockchain technology for advancements in various sectors.
This collaboration marks Ripple’s second major partnership in the country, following a similar agreement with the National Bank of Egypt in 2021. It’s is unclear whether the token Ripple users for its liquidity solution, XRP, will be involved.
The development was pointed out by a popular XRP community member on the microblogging platform X (formerly known as Twitter), WKahneman, who pointed out that the CIB is already working with Ripple to use blockchain technology for remittances, questioning whether XRP will be used.
Former Ripple Director Sean McBride, on the microblogging platform, highlighted the similarities between Ripple’s new partnership and its existing collaborations worldwide, including the one with SBI Remit in Japan, as it leverages its strategy of incorporating blockchain technology into financial systems.
Ripple has been seeking to expand its global presence, partly due to regulatory uncertainties in the United States and its ongoing legal battle with the Securities and Exchange Commission (SEC).
Its global expansion has included partnerships with significant financial institutions like Thailand’s Siam Commercial Bank (SCB) and Morocco’s Attijariwafa Bank.
As CryptoGlobe recently reported Oliver Segovia, a Senior Director and the head of Product Market for payments at Ripple, has recently hinted at a major announcement for the company’s customers and users in the US.
Featured image via Pixabay.