Ripple signs Middle-East largest bank to promote XRP utility

abdelaziz Fathi

QNB Group, the biggest bank in Qatar and the largest financial institution in the Middle East, is joining RippleNet to tap its increasingly popular blockchain solution for cross-border payments and settlement.

QNB has adopted the RippleNet technology to roll out a direct remittance service for money transfers from Qatar to the Philippines, according to an announcement from the Ripple team. The move also involves China Bank, one of the top private universal banks in the Philippines, to establish a connection and offer this service.

Qatar National Bank (QNB) is the most valuable banking brand in the MEA region with a value worth $7.0 billion, ranking at 45th in the top 50 global banking brands worldwide.

In 2021, the group’s net profit reached $3.6 billion while total assets value swelled to $300 billion.  Through its subsidiaries and associate companies, QNB extends to more than 31 countries across three continents through 1,000 locations, with an ATM network of more than 4,500 machines.

Navin Gupta, managing director, South Asia and MENA at Ripple, stated: “QNB is our biggest partner in the MENA region, and we are delighted to strengthen this partnership on RippleNet to additional countries continuously. 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.”

Adel al-Malki, general manager, QNB Group Retail Banking, said; “QNB has always been a 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.”

The San Francisco-based blockchain payments company has been pushing ahead to bring faster and cheaper cross-border payments using XRP in the Middle East.

Through On-Demand Liquidity, RippleNet utilizes XRP as a bridge between two currencies, thus lowering operational costs, unlocking capital, and enables the users to avoid pre-funding accounts on each side of a transaction.

Today’s partnership with QNB means things are shifting for Ripple’s MENA business into a higher gear. RippleNet, which already has attracted over 300 financial institutions, has signed an existing roster of financial institutions and money transfer companies.

The MENA region is home to two of the top three remittance corridors in the world, namely Saudi Arabia and United Arab. The two countries had $78 billion in remittances in 2021.

Supported by its new regional headquarter in Dubai, Ripple already has logged a 4X growth in transaction volume year-to-date versus all of 2021.

Last year, Ripple has signed Al Ansari Exchange, a UAE-based foreign exchange and money transfer company, to use RippleNet Cloud. Ripple’s cloud-based financial network technology facilitates same-day remittances to many countries.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<