Egypt's Al Ahli Bank signs agreement with Ripple for remittance and payments

In a news report published by Youm7 in Egypt, it was announced the Egyptian Al Ahli Bank has signed an agreement with Blockchain solution provider Ripple to provide new platform for remittance transfers for Egyptians.

The signing agreement was attended by Mr. Hisham Akasha, Chairman of Egyptian Al Ahli Bank and Dalia Baz, Vice Chairman, as well as Ghada Al Beilee Chief Treasury Officer and others.

Mr. Navin Gupta, Ripple’s Head of MENA, Mark Johnson and Walid Othman, Head of Sales MENA were in attendance among others. Ripple delegation expressed their pleasure with this agreement and considered it as a huge advancement in Ripple’s strategy.

Hisham Akasha, Chairman of Egyptian Ahli Bank stated, “ the implementation of this agreement will add a new channel for welcoming remittances in the country Utilizing Ripple platform, this is the first of its kind implementation within the Egyptian banking sector. This is part of Al Ahli’s role in supporting the development of transfers from around the globe specifically GCC addressing high international standards opening up new markets.”

Mr. Hisham Al Safti, Head of Treasury Department and International Finance Relations, stated, “  Both Al Ahli Bank and Ripple carried out all the necessary proof of concept to ensure that the system was working in full compliance and with no security issues.” na