QNB Partners With Ripple to Facilitate Cross-Border Payments

Qatar National Bank QNB has announced its partnership with Ripple to develop its global strategy for cross border payments.
Qatar National Bank QNB has announced its partnership with Ripple to develop its global strategy for cross border payments.

Qatar National Bank (QNB) has unveiled its global strategy for cross-border payments. The financial institution unveiled its remittance service developed alongside payment solutions provider Ripple.

According to the contractual agreement, QNB will first pilot test Ripple’s global financial network technology, RippleNet, with QNB Finansbank in Turkey as part of a group rollout. Subsequently, the company plans will expand the service to include other major remittance corridors.

According to a ResearchandMarket.com report, Global remittance and cross-border payments’ transaction value is expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026. By this partnership, QNB is positioning itself to take advantage of what is a sure move of users as digital platforms proliferate.

Using RippleNet, QNB seeks to improve its international payments and expand its remittance capabilities in different countries all at the same time. Via the partnership, users will enjoy seamless and real-time payments when making cross-border transactions. This will be a somewhat different and unique experience when compared to the past for QNB’s customers.

Speaking about the deal, General Manager of Group retail banking at QNB, Heba al-Tamimi, stated, “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.”

In like manner, Navin Gupta, managing director (South Asia & Mena) at Ripple shared his excitement at the partnership. He said, “We are excited to bring innovations in banking and Fintech to enhance the cross-border payments experience, and ultimately scale QNB’s remittance service on RippleNet into additional markets.”

About Ripple


Ripple is a payment protocol that uses blockchain technology to help banks conduct faster financial settlements across the world. By using Ripple’s global financial network (RippleNet), banks and financial institutions can enjoy instant processing of their customers’ payments at a cost-friendly price. Transactions are also secure, reliable, and verifiable at an instant.