QNB Adopts Ripple’s Financial Technology 

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.”

Proud to connect @QNBGroup,our biggest partner in MENA with China Bank in Philippines bringing Ripplenet's customer experience to Filipinos in Qatar. Supporting Qatar as it hosts @FIFAWorldCup 2022. @chinabankph @Ripple @QNAEnglish @QFA_EN https://t.co/hHNwpzYklC pic.twitter.com/0EN2f3jT6M

— Navin Gupta (@navinblockchain) July 25, 2022

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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

Growing Adoption For 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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The post Qatar’s Largest Bank, QNB Now Offers Direct Remittance Service to the Philippines Using RippleNet appeared first on Times Tabloid.

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.

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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.”

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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.

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Through its network of affiliate companies, the Group extends to over 31 countries across three continents, providing different advanced products and services.

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The post Ripple Partners with Largest Bank in Middle East and Africa to Improve Cross-Border Payments appeared first on Times Tabloid.