Adel Al Malki, Managing Director of QNB Group Retail Banking with officials at the launch of the direct money transfer service in the Philippines.
Doha: QNB, the largest financial institution in the Middle East and Africa, has launched the Direct Remittance service for money transfers from Qatar to the Philippines, making it the first bank in Qatar to launch this service.
To provide this service, QNB will connect to China Bank, one of the leading private universal banks in the Philippines via RippleNet, the financial technology powered by leading blockchain and enterprise crypto solution provider, Ripple. The new service will provide Bank customers with a convenient funds transfer experience and a fast cross-border money transfer solution.
QNB’s latest market-first solution complements the Bank’s efforts to improve cross-border payments, confirming its leading position in Qatar in the money transfer industry.
The service, which primarily targets Filipino nationals in Qatar, will allow them to make money transfers of up to PHP 50,000 to any bank in the Philippines in real time. All transactions over PHP 50,000 sent before the cut-off time (3:00 PM Manila time during business days) will be credited the next business day.
Announcing the launch, Adel Al Malki, Managing Director of QNB Group Retail Banking, said, “QNB has always been a pioneering fintech 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 suits their lifestyle. Navin Gupta, Managing Director, South Asia and MENA at Ripple, said, “QNB is our largest partner in the MENA region and we are excited to continuously strengthen this partnership on RippleNet in other countries.
The Philippines is one of the largest remittance recipients in the world, and we are excited to connect QNB with China Bank to process remittances from Qatar to the Philippines via RippleNet. Marlon Hernandez, Head of Remittances Business Division at China Bank, said: “It is an exciting time for us to partner with the largest financial institution in the Middle East and Africa to launch remittances. funds to the Philippines using Ripple. We offer this service free of charge to all China Bank customers, allowing them to receive funds instantly into their account with China Bank and charging them as little as PHP 30 to transact through local channels to other banks in Philippines.