The Qatar National Bank (QNB) is launching a remittance service in partnership with Ripple to enhance cross-border payments by reducing transactional delays for QNB customers.
RippleNet To Enhance Remittance Corridors
The QNB is the largest financial institution in the Middle East and Africa. Its latest global strategy to bring the RippleNet technology will be kicked off in a pilot at QNB Finansbank in Turkey. The group rollout will follow shortly by expanding to other vital remittance corridors. The partnership will enable QNB to rapidly expand its remittance service to multiple countries and improve the customer experience.
Speaking on the partnership, Heba al-Tamimi, GM, Group Retail Banking at QNB, said
“QNB always innovates 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.”
Why Ripple?
With digital currency transactions becoming more and more mainstream, many leading financial institutions are opening themselves up to the capabilities of blockchain technology in order to provide a higher value of customer service. Ripple has positioned itself as one of the most forward-thinking blockchain-based payment outfits helping financial institutions and central banks meet their unique cross-border payment goals while maintaining a special focus on sustainability.
Navin Gupta, managing director (South Asia & MENA) at Ripple, stated,
“We are excited to be a strategic partner with QNB, bringing together innovations in banking and Fintech to enhance the cross-border payments experience, and ultimately scale QNB’s remittance service on RippleNet into additional markets.”
Ripple has been providing its enterprise solutions to multiple national and international banks so far. Most recently, the blockchain solutions company partnered up with Bhutan’s central bank, the Royal Monetary Authority (RMA), to launch the digital Ngultrum. As a result of the partnership, the RMA will be able to access a network of CBDC Ledgers for full settlement interoperability.
The Year Of Cross-Border Payment Functionalities
Recently, the central banks of both Singapore (Monetary Authority of Singapore) and Malaysia (Bank Negara Malaysia) announced that real-time cross-border payment functionality would be live from the first quarter of 2022. Furthermore, Cambodia’s central bank and Maybank of Malaysia also partnered up on digital cross-border payments via the banks’ e-wallets – Bakong and the MAE app.
Ripple had also been involved with Malaysian authorities to bring the RippleNet network to Malaysian mobile wallet provider Mobile Money and bKash, which is a mobile financial services provider in Bangladesh.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
