QNB aims to enhance cross-border payments and expand its remittance service across multiple countries leveraging Ripple’s global financial network technology. Credit: Utsman Media on Unsplash.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.