Qatar National Bank (QNB) has launched a direct remittance service powered by Blockchain RippleNet. The remittance service will offer money transfers from Qatar to Philippines connecting through China Bank.
China Bank is one of the leading private banks in the Philippines.
RippleNet is a financial technology powered by leading enterprise blockchain and crypto solutions provider. The new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution.
The service, which mainly targets Philippine nationals in Qatar, will allow them to make fund transfers up to PHP 50,000 to any bank in the Philippines in real- time. All transactions above PHP 50,000 sent prior to the cut off time (3pm Manila time during working days) will be credited on the next working day.
Adel Al-Malki, General Manager QNB Group Retail Banking, said: “QNB has always been 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.”
Navin Gupta, Managing Director, South Asia & MENA at Ripple said: “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 Philippines via RippleNet. ”