According to CryptoPotato, Commercial International Bank (CIB), one of Egypt's largest banks, has partnered with Ripple to implement blockchain technology for enhancing the efficiency of cross-border payments. The financial institution has also entered the non-fungible token (NFT) space, allowing customers to create unique and collectible NFTs. The bank aims to establish a digital token ecosystem for the tourism industry, streamlining payments and offering loyalty rewards to travelers.
This collaboration aligns with the Egyptian government's intentions to actively explore the potential of blockchain technology and harness it for innovative advancements across diverse sectors. CIB is the second major local financial institution to announce a partnership with Ripple, following the National Bank of Egypt in 2021. Ripple has been focusing on global expansion in recent years due to regulatory uncertainty in the US and an ongoing lawsuit against the United States Securities and Exchange Commission (SEC).
Ripple has also supported the efforts of several countries to launch a central bank digital currency (CBDC). In 2021, it collaborated with the Royal Monetary Authority, Bhutan's central bank, to create a digital version of the ngultrum. Ripple's commitment to sustainability was crucial for Bhutan, as the CBDC solution is carbon-neutral and 120,000 times more energy-efficient than proof-of-work blockchains. The National Bank of Georgia (NBG) also chose Ripple to introduce a CBDC pilot project, which could drive transformative progress in the country's public sector.
