Ripple, the San Francisco-based fintech, has partnered with Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, to improve cross-border payment services.
QNB revealed its global plan for cross-border payments on 4th October 2021 in Doha. The collaboration is targeted at launching a remittance service based on Ripple technology to improve QNB’s payments across the border.
Read Also: Judge Orders Ripple to Produce 1,000,000 Missing Slack Messages As Requested By SEC
According to the agreement between both parties, QNB will initially pilot Ripple’s global financial network technology known as RippleNet with QNB Finansbank in Turkey as part of a group rollout.
Through the collaboration, QNB intends to leverage RippleNet’s utility to improve cross-border payments and expand its remittance business across several countries.
Reacting to the new development, Ripple’s Managing Director for South Asia and the Middle East and North Africa, Navin Gupta, said:
“We’re excited to be a strategic partner with Qatar National Bank (QNB), bringing together banking and Fintech innovations to improve the cross-border payments experience and eventually scale QNB’s remittance service on RippleNet into new markets.”
Read Also: Judge Permits Ripple to Depose SEC Official Who Classified Ethereum (ETH) As a Currency
The General Manager Group Retail Banking at QNB, Heba Al Tamimi, also said:
“QNB always innovate to provide the best of service to its customers and this partnership is yet another Fintech initiative of the bank to enhance the product offerings for our customers.”
Qatar National Bank (QNB) is currently ranked as the most valuable bank brand in the Middle East and Africa. The bank is proud to be the Official Middle East and Africa Supporter of the FIFA World Cup 2022 and the Official Qatari Bank of the FIFA Club World Cup Qatar 2020.
Read Also: Croatia-Based Tech Company Starts Accepting Payments in BTC, ETH, XLM, XRP, and Five Other Crypto
Through its network of affiliate companies, the Group extends to over 31 countries across three continents, providing different advanced products and services.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App
The cryptocurrency community recently witnessed a noteworthy event involving Shiba Inu (SHIB). Whale Alert, a…
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
The cryptocurrency market experienced a positive shift yesterday (May 2nd), with Shiba Inu (SHIB) emerging…
Shiba Inu (SHIB) has experienced a significant price decline in recent days, losing over 8%…
In the past 24 hours, transaction fees on Shibarium, Shiba Inu's layer-2 scaling solution, have…
BlockDAG is making significant strides in the cryptocurrency market by introducing a new vesting strategy…