QNB 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.
Through RippleNet, QNB aims to improve cross-border payments and expand its remittance service across multiple countries in a quick succession. This partnership will deliver near real-time payments, to provide a unique and differentiated experience for QNB’s customers.
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 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.