Qatar’s QNB join hands with Ripple to enhance cross-border payments

By Shilpa Annie Joseph, Official Reporter
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Qatar-based multinational commercial financial institution, Qatar National Bank (QNB) has revealed its global strategy for cross-border payments with the launch of a remittance service developed in cooperation with Ripple, the leading provider of enterprise blockchain solutions.

According to the agreement, QNB will initially pilot Ripple’s global financial network technology, RippleNet, with QNB Finansbank in Turkey. Further, it intends to expand into more significant remittance corridors in the future.

QNB intends to use RippleNet to improve cross-border payments and rapidly grow its remittance service across numerous nations. This partnership will deliver near real-time payments to offer a unique and differentiated experience for QNB’s customers, as per the reports.

Mr. Navin Gupta, Managing Director, South Asia & MENA at Ripple commented, “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 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,” said Ms. Heba Al Tamimi, General Manager Group Retail Banking at QNB.

According to the statement, “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.”

QNB Group has a presence in over 31 countries across three continents through its subsidiaries and associate firms, offering a broad variety of innovative products and services. Further, it employees 28,000 people and serves approximately 20 million clients from 1,000 locations.

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