QNB, the largest financial institution in the Middle East and Africa, announced its global plan for cross-border payments in Doha on October 4th, 2021 with the launch of a remittance service developed in partnership with Ripple, the leading developer of blockchain solutions for businesses.
Contract signed by both sides
The Central Bank of Qatar is the largest banking organization in Africa and the Middle East. It recently started working with Ripple, a San Francisco-based fintech company, on a global strategy to improve cross-border payments and launch a new remittance platform based on Ripple technology.
QNB and Ripple are working together to improve global cross-border payments. Did some digging and there’s more to this story. Video comes when I find the time. https://t.co/gbbWgCzqGy pic.twitter.com/XxURMQjEHO
– Leonidas (@LeoHadjiloizou) October 5, 2021
QNB will pilot Ripple’s global financial network technology, RippleNet, initially with QNB Finansbank in Turkey as part of a group rollout, with the aim of expanding to further significant remittance corridors in the future in accordance with the agreement signed by both sides.
QNB intends to use RippleNet to improve cross-border payments and expand its remittance business to multiple countries. This relationship will enable payments to QNB customers in near real time and offer them a unique and differentiated experience.
We are excited to be a strategic partner of Qatar National Bank (QNB) bringing banking and fintech innovations together to improve the cross-border payment experience and eventually scale QNB’s remittance service to RippleNet into new markets, said Navin Gupta, Managing Director of Ripple for South Asia and the Middle East and North Africa.
QNB’s network of affiliated companies operates in over 30 countries on three continents. Heba Al Tamimi, General Manager Group Retail Banking at QNB, said that QNB is constantly innovating to provide the best service to its customers. This relationship is another fintech project by the bank to expand the product offering for our customers.