QNB, the largest financial institution in the Middle East and Africa, unveiled its global strategy for cross-border payments with the launch of a remittance service developed in partnership with Ripple, the leading provider of enterprise blockchain solutions.
According to the agreement both sides signed, QNB will initially pilot Ripple’s global financial network technology, RippleNet, with QNB Finansbank in Turkey as part of a group roll out, with plans to expand to other key remittance corridors in the future.
Heba Al Tamimi, General Manager Group Retail Banking at QNB 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.”
Navin Gupta, Managing Director, South Asia & MENA at Ripple stated:
“We are excited to be a strategic partner with Qatar National Bank (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.”
QNB Group, currently ranked as the most valuable bank brand in the Middle East and Africa, 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™
Just earlier this year one of the oldest RippleNet members, Kuwait Finance House [KFH], it is now launching an instant cross-border payments service to Turkey. As per the announcement, the bank will be using Ripple’s technology to bridge the gap of cross-border payments with Turkey. Kuwait Finance House has been among the leading Islamic banking institutions in the world and it has been a member of RippleNet since May 2018. Ever since it went live on the RippleNet in 2019, the bank has had plans to launch a service of foreign direct money transfers using Ripple to Turkey.
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