For those sending money abroad to students, or those living abroad sending money back home, your life is about to get much easier thanks to Fawry’s new partnership with an un-named Egyptian bank after receiving approval from the Egyptian Central Bank (CBE).
The transfer service will streamline the process for those sending and receiving money and will make Egypt’s remittance revenue more efficient. The new program will also make use of the crypto-currency Ripple and its block-chain network to make sure there’s no corruption or lost funds.
The news comes after Fawry becomes Egypt’s first tech startup to break a billion-dollar valuation, and the Egyptian government seeks to make banking and financial technology development more efficient and profitable with a number of legislative reforms.
While the name of the bank that Fawry has partnered with has been kept under wraps, many are confident in predicting that the NBE will be the main partner in streamline remittance collection with Fawry. The bank has already partnered with Fawry on an online payment service, has aggressively expanded its online banking platform since the passing of the Banking Act earlier this year, launched a mobile banking app, and partnered with crypto-currency based Ripple Network, which uses blockchain technology to facilitate extremely fast money transfer.
Watch this video:
Money transfer co. Fawry is confirmed as a #Ripple user. Long rumored, even implicated, in NBE’s deal w/ Ripple, this interview with the CEO suggests the Banking Act has aided its expansion & describes Ripple as the “crypto-currency based Ripple Network”https://t.co/xYIc1Z1bjO
— WrathofKahneman (@WKahneman) October 11, 2021