The duo of the Qatari National Bank (QNB) and China Banking Corporation (China Bank), a private universal bank in the Philippines, are expanding the remittance capabilities of the RippleNet protocol for the benefit of Filipinos living in Qatar.
As announced by QNB, Philippines Nationals will now be able to send as much as 50,000 PHP (or $895) in real-time, while funds higher and sent after 3 pm Manila time will be processed the following day. The QNB hopes to utilise the speed of the RippleNet as regards its cross-border capabilities to enhance financial transactions for its target customers.
“QNB has always been a 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 Adel Al-Malki, General Manager of QNB Group Retail Banking.
The expansion of the remittance services to the Phillippines through the RippleNet comes off as a testament that the cross-border payment agreement between the bank and Ripple Labs Inc is blossoming. The agreement to collaborate on making these sorts of financial transactions accessible to all was reached back in October last year, as reported by Blockchain.News.
“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 the Philippines via RippleNet,” said Navin Gupta, Managing Director, South Asia & MENA at Ripple.
As its core business, Ripple has always explored avenues to foster more innovative and inclusive payments services through its proprietary RippleNet technology and On-Demand Liquidity (ODL).
Besides trading payment offerings, Ripple has also been working with Central Banks worldwide to help develop and deploy their Central Bank Digital Currencies (CBDCs).
Image source: Shutterstock