QNB and Ripple join hands to spur cross-border payments

Tribune News Network Doha Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, unveiled its global strategy for cros...

Tribune News NetworkDohaQatar National Bank (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. 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 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. Through its subsidiaries and associate companies, QNB Group has presence in more than 31 countries across three continents, providing a comprehensive range of advanced products and services. It employees 28,000 people and serves approximately 20 million customers from 1,000 locations. The group has an ATM network of more than 4,600 machines.