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October 5, 2021

Qatar’s QNB taps Ripple to launch remittance service

By Shalini mani

Qatar National Bank (QNB) has launched a remittance service in collaboration with blockchain firm Ripple.

According to the Gulf Times, the move is part of QNB’s global strategy for cross-border payments.

QNB aims to enhance cross-border payments and expand its remittance service across multiple countries leveraging Ripplenet, Ripple’s global financial network technology.

Initially, the bank will roll out RippleNet with QNB Finansbank in Turkey. Subsequently, the services will be launched in other key remittance corridors.

QNB Group Retail Banking general manager Heba al-Tamim was quoted by the publication as saying: “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.”

Ripple South Asia & Mena managing director Navin Gupta added: “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.”

In April this year, BankDhofar teamed up with Ripple to drive real-time payments to India.

Recent partnerships in cross-border payment space

Recently, Western Union announced a partnership with major financial institutions to facilitate cross-border payments for African citizens.

The firm launched digital money transfer services on the mobile banking apps of KCB Bank Kenya, the Diamond Trust Bank and the Kenya Post Office Savings Bank.

Last month, the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia teamed up to drive cross-border fund transfers via mobile numbers.

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