Distributed ledger giant Ripple will start working with QNB (Qatar National Bank), the largest financial institution in Africa and the Middle East, operating in more than 30 countries on three continents, through its network of affiliated companies, to launch a new remittance service with blockchain technology. .
QNB and Ripple partner to enhance Global Cross-Border payments. Did some digging and there’s more to this story. Video incoming when I find the time. https://t.co/gbbWgCzqGy pic.twitter.com/XxURMQjEHO
— Leonidas (@LeoHadjiloizou) October 5, 2021
Ripple Joins Forces with QNB
Qatar National Bank (QNB), the largest banking institution in Africa and the Middle East and North Africa region, plans to implement a global strategy to increase international payments, and for this, launch a new remittance platform based on blockchain technology. QNB collaborated with San Francisco-based fintech provider Ripple for this project.
Both parties signed an agreement stating that the global financial network technology RippleNet will be tested with QNB Finansbank in Turkey. Following this, a group rollout will take place to provide near real-time remittances and payments to QNB customers in multiple countries, and then Ripple technology will be added to other remittance corridors.
According to Heba Al Tamimi, Head of Retail Banking Group of QNB, the bank; it always strives to offer its customers the most successful innovation, and the deal with Ripple is seen as another innovative step taken by QNB to offer the best products to its customers.
According to Navin Gupta, Ripple’s general manager of South Asia and MENA (Middle East and North Africa), this partnership presents an opportunity for the fintech company to expand innovation in banking and develop international remittances for users globally.