(MENAFN- The Peninsula) The Peninsula
Doha: QNB, the largest financial institution in the Middle East and Africa, has launched Direct Remittance service for money transfers from Qatar to the Philippines, which makes it the first bank in Qatar to launch the service.
To provide this service, QNB will connect with China Bank, one of the leading private universal banks in the Philippines through RippleNet, the financial technology powered by leading enterprise blockchain and crypto solutions provider, Ripple. The new service will provide the Bank's customers with a convenient remittance experience and a fast cross-border money transfer solution.
QNB's latest first-to-market solution complements the Bank's efforts to improve cross-border payments, upholding its leadership position in Qatar in the sector of money transfer.
The service, which mainly targets Philippine nationals in Qatar, will allow them to make fund transfers up to PHP 50,000 to any bank in the Philippines in real-time. All transactions above PHP 50,000 sent prior to the cut off time (3pm Manila time during working days) will be credited on the next working day.
Announcing the launch, Adel Al Malki, General Manager QNB Group Retail Banking, said:“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.” Navin Gupta, Managing Director, South Asia & MENA at Ripple said:“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 Philippines via RippleNet.” Marlon Hernandez, Head of Remittance Business Division at China Bank, said: “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.”
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