By
Godfrey Benjamin
April 24th, 2024
According to previous media reports, QNB successfully launched a gateway between QNB Qatar and QNB Finansbank based in Turkey. The launch took place on RippleNet, which essentially expands Ripple’s services in the Middle East.
Qatar National Bank (QNB) has unveiled a new payment solution initiative with a multi-faceted payment facilitator and remittance network Ripple. The partnership between the two platforms will enhance cross-border payment solutions and is part of QNB’s broader payments ecosystem. Through this collaboration, the leading Middle Eastern bank also became the first to market with RippleNet via service expansion to various countries. RippleNet is Ripple’s global financial network platform.
QNB made the announcement at the Smart City Expo Doha 2022 where it also serves as the event’s official bank sponsor. The banking powerhouse exhibited RippleNet products at the two-day event organized by the Ministry of Communications and Information Technology (MCIT).
At the convention, QNB’s Group GM Retail Banking Division, Mr. Adel Al-Malki, said:
“We are pleased to be part of such a successful event and are overwhelmed by the number of visitors who came to experience our digital services at our booth.”
Furthermore, Al-Malki expressed a ready willingness by QNB to continue to chart new paths for Qatar’s future. As he put it:
“By sponsoring and participating in such technology summits and expos, we continue to collaborate and partner with leading experts to shape the vision of Qatar’s future.”
Insight into The QNB-Ripple Payment Initiative
The Smart City Expo Doha 2022, which pulled in visitors from around the globe, was highly informative and interactive. The event shed light on the five key topics of shared interconnectedness amongst societies. These include sustainable cities, reshaping digital public services, the global economy, digital readiness and sport events.
QNB’s display at the Expo centered around using its digital innovations to solve the organic issues affecting customers and merchants. Furthermore, the largest bank of its kind in the Middle East and Africa showcased the latest banking solutions spurred because of the effects of COVID. These include safe contactless ATMs transactions, self-service bankcard issuance capabilities, and enhanced mobile and internet banking capabilities WhatsApp services. In addition, the prominent Doha-headquartered financial institution also touched on its WeChat Pay and Simplify payment acceptance scheme. Lastly, QNB featured an operational demonstration on facial authenticating alternate payment solution FacePay.
According to previous media reports, QNB successfully launched a gateway between QNB Qatar and QNB Finansbank based in Turkey. The launch took place on RippleNet, which essentially expands Ripple’s services in the Middle East.
Ripple
Ripple is currently handling several financial projects in various regions. Currently, governments across the world are looking to overhaul the traditionally inept and expensive methods of cross-border payments. For instance, Ripple partnered with the Royal Monetary Authority of Bhutan (RMA) to launch a central bank digital currency initiative (CBDC).
QNB
Through its subsidiaries and associate companies, QNB now has a presence in more than 31 countries across three continents. Apart from its growing ubiquitousness, the banking giant also offers a diversified and comprehensive range of advanced products and services. Currently, QNB has a total staff force of 27,000 employees operating throughout around 1,000 locations, with an ATM network surpassing 4,500 machines.