The Qatari National Bank (QNB) is expanding Ripple’s remittance technology and capabilities into the Phillippines with the aid of the blockchain payment firm RippleNet. As announced by QNB, the new service offering will afford Phillippine nationals living in Qatar to send money home in a more efficient manner.
QNB said it will be connecting with China Bank on the RippleNet in order to make the service work. The entire push will help position QNB as one of the leading innovators in the money transfer market in the Middle East and North Africa (MENA) region.
“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,” said Mr. Navin Gupta, Managing Director, South Asia & MENA at Ripple.
Modalities of the QNB and Ripple’s Remittance Technology
The QNB-backed remittance service will permit the Filipinos living in Qatar to send up to 50,000 PHP (approximately $895) in real-time across the RippleNet. Funds that are bigger than this and sent after 3 pm Manila time during workdays will be settled the next day.
With remittance flows generally costly and slower, QNB and its partners using Ripple’s technology seek to change the narrative to the benefit of everyone.
“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,” said Mr. Adel Al-Malki, General Manager of QNB Group Retail Banking.
Despite its ongoing legal battle with the United States Securities and Exchange Commission (SEC), Ripple’s business and remittance technology has continued to grow the world over. With QNB as one of its most important partners in the region, the firm hopes to expand its business as a mainstay for cross-border transactions that are also featuring Central Bank Digital Currencies (CBDCs).