QNB, Ripple, partner on cross-border payments

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Qatar National Bank (QNB) unveiled its global cross-border payment strategy, which involves a partnership with blockchain solutions provider Ripple.

As the Gulf Times reported on Monday, October 4, the partnership will see QNB’s pilot Ripple financial technology network, RippleNet, with QNB Finansbank in Turkey in a group deployment, with plans to eventually expand into more. other corridors.

“QNB is always innovating to provide the best service to its customers, and this partnership is another FinTech initiative of the bank to improve product offerings for our customers,” said Heba al Tamimi, Managing Director of Group Retail Banking at QNB.

Navin Gupta, Managing Director (South Asia and Mena) at Ripple, added, “We are delighted to be a strategic partner with QNB, bringing together innovations in banking and FinTech to enhance the experience of cross-border payments and , ultimately, evolving QNB’s transfer service on RippleNet into additional markets.

Read more: Singapore and Malaysia to test cross-border payments

The announcement comes just days after the central banks of Singapore and Malaysia revealed that their customers will be able to make real-time cross-border transfers through a mobile number starting in the first quarter of 2022.

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) announced the project last week, calling it a “phased link” of the payment systems operated by PayNow in Singapore and DuitNow in Malaysia.

Read more: Cambodia partners with Malaysia for cross-border digital money transfers

This year, the Central Bank of Cambodia and Maybank of Malaysia also collaborated on digital cross-border money transfers, with the National Bank of Cambodia and Maybank facilitating transfers through banks’ e-wallets, Bakong and the MAE app.

To come full circle, 2021 began with Ripple announcing that it had entered into a deal whereby Malaysian mobile wallet provider Mobile Money and bKash, a mobile financial service provider to more than 45 million people in Bangladesh, will make payments. transactions using the RippleNet network.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.


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