Qatar National Bank partners with Ripple to expand remittances to Turkey using RippleNet

Qatar National Bank partners with Ripple to expand remittances to Turkey using RippleNet - qatar national bankOn October 4, QNB announced the launch of a remittance service developed in partnership with leading enterprise blockchain solutions provider, Ripple. The launch is part of QNB's strategy for cross-border payments.

QNB and Ripple collaborate to improve global cross-border payments

Under the agreement, QNB will initially pilot RippleNet with QNB Finanbank in Turkey as part of a group launch. After the initial pilot of financial network technology, QNB plans to further expand into other important remittance corridors.

Turkey received approximately $ 1 billion in remittances in 2020. This prompted Qatar to enter into an agreement to resolve remittances in Turkey. After addressing the remittance issue with Turkey, Qatar will then move on to other countries that are part of RippleNet. QNB hopes to improve cross-border payments through the new partnership with Ripple. Furthermore, RippleNet will help QNB to sequentially expand its remittance services in different countries.

QNB Retail Banking Group CEO Heba Al Tamimi commented:

"QNB always innovates to provide the best service to its customers and this partnership is another Fintech initiative of the bank to improve the product offering for our customers".

The QNB Group extends to over 31 countries through its subsidiaries and associated companies. The Group spans three continents with 28.000 employees. Through its subsidiaries and associated companies, the QNB Group serves nearly 20 million customers operating in 1.000 locations, with a massive ATM network.

Ripple's CEO, South Asia & MENA, Navin Gupta expressed his excitement over the strategic relationship with QNB. He has declared:

"We are thrilled to be a strategic partner with Qatar National Bank (QNB), which brings together banking and Fintech innovations to enhance the cross-border payments experience and ultimately expand QNB's remittance service on RippleNet to additional markets" .

Ripple grows further despite the ongoing case between XRP and SEC

As QNB promotes its remittance service in other countries, there has been an increase in the adoption of Ripple's services. Adoption sees an increase in adoption regardless of the ongoing legal war between XRP and the United States Securities and Exchange Commission (SEC). Currently, the status of XRP is unclear in the United States. As the SEC / XRP battle continues, investors continue to invest in XRP and the world continues to use Ripple's technology. In particular, many are leveraging Ripple's technology to solve real-time problems like cross-border payments.

In more recent news on the XRP v. SEC case, the court granted “amicus curiae” status to the XRP community. According to Judge Torres, who issued the order, assistance from XRP owners will be beneficial during briefings. Recall that with Bitcoin Pro it is possible to invest not only in BTC, but also ETH and XRP.