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Ripple Partners with Largest Financial Institution in Africa and Middle East

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Tue, 10/05/2021 - 13:20
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Yuri Molchan
QNB plans to launch a remittance platform based on Ripple blockchain technology
Ripple Partners with Largest Financial Institution in Africa and Middle East
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Ripple distributed ledger giant has teamed up with QNB, Qatar National Bank, to launch a new remittance service for it.

Ripple joins forces with QNB

The national bank of Qatar is the biggest banking institution in Africa and the MENA region. It has now begun collaborating with Ripple fintech provider from San Francisco as it plans to implement a global strategy for enhancing transnational payments and kick off a new remittance platform built on the basis of Ripple technology.

Both sides have signed an agreement that states that QNB will trial RippleNet with QNB Finansbank in Turkey. After that, a group rollout will take place to provide near real-time remittances and payments for QNB clients in numerous countries and add Ripple technology to other remittance corridors later on.

According to QNB's Heba Al Tamimi, head of Group Retail Banking, the bank always strives to provide the best innovation to its customers, and the deal with Ripple is another innovative step QNB is taking to offer the best products to its clients.

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For Ripple, according to its managing director of South Asia and MENA, Navin Gupta, this partnership is a chance to expand innovation in the banking sphere and improve transnational remittances for users globally.

QNB operates in over 30 countries on three continents via its network of subsidiary companies.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.