The deal was signed by Adel Hamed, chief executive and managing director of Telecom Egypt, and Henrik Fall, Head of Cloud Services and Networks in the Middle East and Africa at Nokia.

As per the deal, Nokia will help develop a global IoT infrastructure and a Pay As You Grow business model, which in turn will enable Telecom Egypt to provide IoT services at lower prices.

Further, the IoT infrastructure will contribute to the automation of projects and help companies reduce their operating expenses, enhance productivity, and provide new services to several markets.

Earlier this year, Telecom Egypt selected Juniper Networks to help design and deploy a significant network capacity expansion and upgrade.
Mohamed Alfowey, chief technology officer of Telecom Egypt told the media, “Telecom Egypt believes that the ability to respond to rapidly-changing customer needs is a key competitive differentiator, so improved infrastructure agility is key.”

“A faster, more resilient and predictable network, in the context of remote working trends and skyrocketing demand for cloud-driven, 5G-ready, data-rich applications and services, enables Telecom Egypt to deliver this and meet SLAs, while controlling operational cost and complexity.

“We believe that Juniper’s innovations in cloud routing and network automation help us overcome this challenge now and for the long term, enabling us to deliver an exceptional end-user experience.”

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The deal with Ripple will enable Egypt to receive remittances from Egyptians staying abroad in a faster and much cheaper way, by using RippleNet.

RippleNet is a global network with more than 300 international banks and financial institutions. By leveraging RippleNet’s network, the National Bank of Egypt will also access new markets and boost its remittances business.

The partnership with Ripple will also enable faster cross-border payments between Egypt and other countries.

Chief executive at Ripple Brad Garlinghouse told the media, “We are in a strong financial position to execute against our visions. As others in the blockchain space slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”

It is noteworthy that Egypt is one of the highest remittance-receiving countries in the world. Reportedly, Egypt received remittances worth $26.4 billion in 2019.

According to the World Bank, the global remittance market will reach $597 billion in 2020.

The National Bank of Egypt chairman Hisham Okasha has revealed that the partnership with Ripple has come at the right time for the bank. The bank’s main focus as of late has been providing better solutions in terms of inward remittance payments and RippleNet will be implemented in this field.

He also pointed out that the National Bank of Egypt will be the first Egyptian bank to offer such a product.

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