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China Bank launches rapid direct remittance service from Qatar

Friday, August 05, 2022

From left: QNB Group Retail Banking GM Adel Al-Malki, Ripple South Asia & MENA Managing Director Navin Gupta, and China Bank Remittance Business Division Head Marlon Hernandez.

China Bank continues to expand its remittance tie-ups to make it safe and convenient for Filipinos abroad to send money home.  The Bank recently entered a new remittance partnership with Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa.

The partnership facilitates direct remittance from Qatar to the Philippines via RippleNet, a globally recognized financial platform for fast cross-border transactions using blockchain technology. China Bank clients in Qatar can directly transfer to any China Bank account in the Philippines in real-time regardless of amount.  Similarly, transfers for up to P50,000 to other  Philippine banks will also be available in real-time while transactions over P50,000 will be credited on the next working day.

"China Bank account holders enrolled in mobile banking can immediately check the receipt of their remittances and use them to save,  send cash to their beneficiaries and pay their bills," China Bank Remittance Business Division Head Marlon Hernandez said.

China Bank is committed to grow its presence through partners in countries heavily populated by Overseas Filipinos.  With its strategic partnership with RippleNet, China Bank began serving Filipinos in Malaysia through Mobile Money, and now with QNB, which is the first bank in Qatar to partner with RippleNet for direct remittance service.  

“QNB has always been the 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,” QNB Group Retail Banking GM Adel Al-Malki said.

Ripple South Asia & MENA Managing Director Navin Gupta noted that, “The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to Philippines via RippleNet.”

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