- QNB launched a direct remittance service from Qatar to the Philippines.
- It is the first bank in Qatar to introduce this Service.
A direct remittance service for money transfers from Qatar to the Philippines has been launched by Ripple partner QNB. It now holds the distinction of being Qatar’s first bank to offer the cross-border remittance service. The service would let them instantly send funds up to PHP 50,000 to any bank in the Philippines. It primarily serves Filipinos living in Qatar.
The QNB wants to speed up financial transactions for its target clients by utilizing the cross-border capabilities of RippleNet.
General Manager of QNB Group Retail Banking, Adel Al-Malki, stated:
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.
QNB Supporting MENA Region RippleNet Expansion
According to certain sources, the growth of the cross-border payment arrangement between the bank and Ripple Labs Inc is demonstrated by the development of remittance services to the Philippines via RippleNet. In October of last year, it was decided to work together to make these kinds of financial transactions available to everyone.
Navin Gupta, Managing director, South Asia, and MENA, at Ripple, stated:
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.
With this most recent service, Ripple is further extending its reach in the Middle East and North Africa region. The company has been growing in new markets gradually.
And also Airwallex, a Ripple partner, announced last month that its international payments services are now available in New Zealand. Businesses in the nation will now have access to Airwallex’s global payment services, which are the ideal substitute for traditional banks.