Qatar-based multinational commercial financial institution, QNB Group has launched the Direct Remittance service for money transfers from the country to the Philippines.
QNB will connect with China Bank, one of the leading private universal banks in the Philippines through RippleNet to provide this service.
RippleNet is the financial technology powered by leading enterprise blockchain and crypto solutions provider, Ripple.
The bank said in a statement that “the new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution.”
QNB’s latest first-to-market solution complements the Bank’s efforts to improve cross-border payments, upholding its leadership position in Qatar in the sector of money transfer.
QNB noted that “the service, which mainly targets Philippine nationals in Qatar, will allow them to make fund transfers up to $891 (PHP 50,000) to any bank in the Philippines in real-time. All transactions above $891 (PHP 50,000) sent prior to the cut-off time (3 pm Manila time during working days) will be credited on the next working day.”
Announcing the launch, Mr. Adel Al-Malki, General Manager of QNB Group Retail Banking, stated that, “QNB has always been a pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle.”
“QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to the Philippines via RippleNet,” Mr. Navin Gupta, Managing Director, South Asia & MENA at Ripple said.
Mr. Marlon Hernandez, Head of Remittance Business Division at China Bank commented that, “We are offering this service for all China Bank’s customers free of charge, allowing them to receive funds instantly into their account with China Bank and charging them as little as $0.53 (PHP 30) to carry the transactions via local channels to other banks in the Philippines.”
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