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National Bank of Egypt Liaises with Blockchain Banking Consortium, R3

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The government of Egypt has held quite a rigid stance against cryptocurrencies with the Central bank of Egypt warning against crypto investments. But one thing we will all agree on is that the blockchain technology holds a lot of possibilities. The National Bank of Egypt (NBE) – Egypt’s largest and oldest bank – has decided to tap into the possibilities by joining R3, the leading blockchain banking consortium. The Central Bank of Egypt’s (CBE) has set up a national digital transformation strategy to encourage the adoption of innovative financial technologies in the financial services.
The partnership between the National Bank of Egypt and R3 aims to explore the innovations blockchain technology can provide to the banking sector. Also, the bank will also be able to train its staff to use Corda, have access to all research and technical meetings with multinational banks and entities, and be part of an existing blockchain proof of concepts in different banking applications. The R3 network encompasses over 200 financial services firms, technology companies, banks, and trade associations.
Hisham Okasha, NBE chairperson, stated, “By joining this initiative together with world banks and companies, we will be able to closely monitor and engage directly in global blockchain developments.”
The partnership was confirmed by David Rutter the CEO of R3, “The addition of the National Bank of Egypt to our ever-growing Corda network enhances our engagement with the global financial industry, particularly in the MENA region. Our partners are developing cutting-edge blockchain applications on Corda that will change the way the world does business.”
The NBE will also have an opportunity to present a project paper to R3 that will detail its plans on how it plans to utilize blockchain technology in one of its banking services in collaboration with other international and regional banks. This partnership will usher greater thing for the blockchain space in Egypt.
 
What do you think about the blockchain partnership between NBE and R3, do you think it means cryptocurrency will soon be embraced in Egypt? Share your opinion with us in the comment section below!
 
Photo credit: Coindesk
 
 
 
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