In line with the bank’s leadership and firm commitment to provide an innovative and advanced banking experience to its customers through the partnership with international research and technological institutions, the Commercial International Bank-Egypt (CIB) announced that it has joined the renowned enterprise software firm R3’s global network of members. CIB will work with the R3 consortium on the advancement of distributed ledger technology (“DLT”) and Blockchain technologies in financial services.
Through this significant cooperation, CIB-Egypt will collaborate with over 100 global banks, financial institutions, trade associations and professional services firms to develop ground-breaking commercial applications for the financial services industry. Moreover, members will work closely with R3 to continue the development of Corda, an open source distributed ledger platform for recording, managing and synchronizing financial agreements.
The new partnership demonstrates CIB-Egypt’s leadership on both local and regional levels, as it constantly strives to be at the forefront of the financial services industry. CIB is building a comprehensive platform leveraging innovation and heavily investing in its technological and human capital infrastructure.
Mr. Hisham Ezz Al-Arab, CIB Chairman and Managing Director comments, “The relationship with R3 represents a powerful opportunity for CIB to significantly expand our presence regionally. R3 has clearly demonstrated its ability to apply its considerable resources to delivering the next generation of financial infrastructure based on distributed ledger technology. We are excited to partner with R3 as we focus our combined energies on adding value to our customers.”
From his side, Mr. David Rutter, CEO of R3 said, “CIB joins over a hundred other R3 members from all corners of globe in developing robust industry grade solutions that will become the new operating system for financial services. The power of distributed ledger technology lies in its network effect, and the critical mass we have built over the last two years, means banks such as CIB can be confident they are investing in real future solutions.”