QNB, the largest bank in the Middle East and Africa, has adopted the RippleNet technology to offer direct remittance service for money transfers from Qatar to the Philippines. QNB becomes the first bank in Qatar to launch such a service.
According to a Monday update, QNB Group in partnership with Ripple and China Bank becomes the first bank to roll out a direct remittance service for money payments from Qatar to the Philippines.
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In confirming the bank’s latest initiative, Adel al-Malki, general manager, QNB Group Retail Banking, said; “QNB has always been a pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle.”
However, to make this Qatar-to-Philippines direct remittance service active, QNB will have to link with the Philippines’ top private universal bank, China Bank. Ripple’s financial technology, RippleNet, will serve as the gateway for these connections to be achieved.
The Managing Director, South Asia & MENA at Ripple, Navin Gupta commented: “QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to the Philippines via Ripple Net.”
Read Also: Ripple’s CBDC Proposed Solution Adopted in the 2022 G20 TechSprint CBDC Challenge: Details
Notably, the Philippine nationals in Qatar are the primary focus of this recent development. As revealed in the announcement, the newly launched remittance service will enable these top officials to make transfers up to PHP50,000 to any bank in the Philippines in real-time. “All transactions above PHP50,000 sent prior to the cut off time will be credited on the next working day”, it added.
This first-to-market solution by the leading bank in Qatar’s financial sector is to help foster fast cross-border payments. Altogether, customers of the bank will have a better remittance experience.
In addition, Marlon Hernandez, Head of Remittance Business Division at China Bank noted; “This is an exciting time for us to partner with the largest financial institution in the Middle East and Africa to launch remittances to the Philippines using Ripple.
“We are offering this service for all China Bank’s customers free of charge, allowing them to receive funds instantly into their account with China Bank and charging them as little as PHP30 to carry the transactions via local channels to other banks in the Philippines”, he added.
Related: Top Moroccan Bank Partners With Thunes To Enable Bank Payments Using RippleNet Technology
The adoption of RippleNet technology, powered by the leading enterprise blockchain and crypto solutions company, Ripple, continues to increase.
Interestingly, RippleNet technology is already being employed for payment services in places like Morocco and New Zealand.
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