QNB Taps Ripple to Launch Direct Remittance Service for Filipino People Residing in Qatar

Qatar National Bank (QNB) has launched a direct remittance service for money transfers using RippleNet technology as reported. The bank will establish a connection with China Bank, one of the top private universal banks in the Philippines, to offer this service.

Ripple​ is a leader in enterprise blockchain and crypto solutions, which has announced today that its partnership with Singapore-based payments company FOMO Pay​ to improve FOMO Pay's cross-border treasury flows.

Primarily aimed at Filipino people residing in Qatar, the new service aims to provide customers with an easy remittance process as well as a quick and enhanced cross-border money transfer option. The maximum remittance amount is up to PHP 50,000 (USD 900).

"QNB has always been a pioneer financial technology accelerator in Qatar and the region," said Adel al-Malki, General Manager, QNB Group Retail Banking. "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 is our biggest partner in the MENA region, and we are delighted to strengthen this partnership on RippleNet to additional countries continuously," said Navin Gupta, Managing Director, South Asia and MENA at Ripple. "The Philippines is one of the largest remittance receivers globally. We are pleased to connect QNB with China Bank to process remittances from Qatar to the Philippines via Ripple Net."