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Despite its current woes in the United States, Ripple has continued to break into new markets.
QNB, one of the largest financial institutions in the Middle East and Africa has launched the first of its kind remittance service for Phillippines nationals living in Qatar. As announced, the remittance service will help these targeted customers to send money to the Phillippines in real-time through the Ripple Labs Inc-owned RippleNet platform.
As one of its efforts to make this service a success, QNB said it will be connecting on the RippleNet platform with China Bank, ranked as one of the leading private universal banks in the Philippines.
“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.
According to the announcement from QNB, the new offering will offer a new alternative for the bank’s customers to send money at a cheaper and faster rate than what they are currently used to.
As revealed, the new service will help the bank’s customers to make transfers worth PHP 50,000 to any bank in the Phillippines in real-time. Additionally, settlements for transfers above PHP 50,000 that are sent after 3 pm Manila time during working days will be made on the following day.
“This is an exciting time for us to partner with the largest financial institution in the Middle East and Africa to launch remittances to the Philippines using Ripple. We are offering this service for all China Bank’s customers free of charge, allowing them to receive funds instantly into their account with China Bank and charging them as little as PHP 30 to carry the transactions via local channels to other banks in Philippines,” said Mr. Marlon Hernandez, Head of Remittance Business Division at China Bank.
QNB Aiding RippleNet Expansion in the MENA Region
Despite its current woes back in the United States, Ripple has continued to break into new markets and through this latest service offering by the QNB, the company’s hold in the Middle East and North Africa region is now further expanding.
“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.
Ripple’s technology has continued to prove exceptional when it comes to cross-border transactions, and this accounts for why it has continued to gain ground across various markets. It specifically has a functional collaboration with QNB through which it is launching custom products and services in the region.