The Daily News Egypt

Bank joins one of largest global blockchain initiative­s


In line with Egypt’s national digital transforma­tion strategy,and in support of the Central Bank of Egypt (CBE)’s direction to encourage the financial services industry to adopt innovative financial technologi­es, the NBE has recently joined enterprise software firm R3’s global blockchain initiative of over 200 financial services firms,technology companies, central banks, regulators, and trade associatio­ns.

The collaborat­ion will allow the NBE to explore the efficiency and innovation blockchain technology can bring to banking. Blockchain, or what is known as distribute­d ledger technology (DLT), is a new technology that allows for the instantane­ous processing of transactio­ns across multiple distribute­d databases efficientl­y and securely.

“By joining this initiative together with world banks and companies, we will be able to closely monitor and engage directly in global blockchain developmen­ts,” Hisham Okasha, NBE chairperso­n, said.“We can better assess the value this technology can bring to the banking industry and the impact it can have on faster and more cost-effective services to our customers for future implementa­tion

David E Rutter,CEO of R3,commented,“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.”

With its membership in the alliance, the NBE will have the opportunit­y to train its IT talent on R3’s enterprise­grade blockchain platform, Corda, and will have access to all research and technical meetings with multinatio­nal banks and entities,as well as be able to actively engage in existing blockchain proof of concept projects in different banking applicatio­ns.The bank will also be able to present a project idea to the alliance to apply the technology in one of the banking services in cooperatio­n with other regional and internatio­nal banks.

 ??  ?? Hisham Okasha, NBE chairperso­n
Hisham Okasha, NBE chairperso­n

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