Ripple teamed up with Qatar National Bank (QNB) to launch a new remittance service for it

Distributed ledger giant Ripple partnered with the largest financial institution in Africa and the Middle East – QNB, Qatar National Bank, to launch a new remittance service for it.

QNB plans to launch a remittance platform based on Ripple technology

The National Bank of Qatar is the largest banking institution in Africa and the MENA region. QNB operates in more than 30 countries on three continents through a network of subsidiaries.

It has now begun a partnership with financial technology provider Ripple as it plans to execute a global strategy to enhance cross-border payments and kick off a new remittance platform built on the basis of Ripple technology.

Both parties signed an agreement saying that QNB will test RippleNet with QNB Finansbank in Turkey. A team rollout will then follow to provide near-real-time remittances and payments to QNB customers in multiple countries and add Ripple technology to other remittance corridors later on.

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QNB and Ripple officials pose during the launch of remittance service

According to QNB’s Heba Al Tamimi, head of the Retail Banking Group, the bank has always strived to provide the best innovation for its customers, and the deal with Ripple is another innovation step QNB is taking to deliver the best products for its customers.

For Ripple, according to South Asia and MENA executive director Navin Gupta, this partnership is an opportunity to expand innovation in the banking sector and improve transnational remittances for users globally.

XRP has been attracting a lot of interest from both retail and institutional investors of late with the asset appreciating by over 900% since April. Despite a damaging legal battle with the SEC, the asset has managed to maintain a top-ten position, recording a 96% increase in market capitalization from July lows at $24.29 billion to its current $49 billion.

In mid-September, ripple also inked a deal with Bhutan’s Central Bank that would see the bank launch its CBDC on the XRP ledger. These strategic moves are expected to bring more strength to XRP’s price, breaking its current $1.05 resistance to surge and hit $2 before year-end.

To bring things full circle, 2021 began with Ripple announcing it had entered into an arrangement under which the Malaysian mobile wallet provider Mobile Money and bKash, a provider of mobile financial services to more than 45 million people in Bangladesh, will conduct transactions using the RippleNet network.

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