Ripple announced a new partnership with Qatar National Bank (QNB) with a focus on cross-border payments for Qatar citizens. The new partnership plans to expand the remittance service of Qatar using the RippleNet solution.
It’s another strategic step for Ripple that focuses on expanding market share in MENA and Asia. ANB can benefit from the partnership because of the various features Ripple offers to RippleNet participants.
There are many new markets for this bank after this partnership that can expand their market share in international banking, too.
Scaling the Banking Services
Cross-border payments and other professional banking services are very important to focus areas for Ripple. This company works with numerous traditional banks in the world, especially in MENA and Asia, to expand services.
The offerings help the banks in those countries find access to more innovative solutions. They can offer more secure services with a fast infrastructure using RippleNet. Qatar National Bank (QNB) is the latest bank to partner with Ripple. According to Ripple’s tweet:
🇶🇦We're excited to partner with @QNBGroup to provide an enhanced cross-border payments experience in Qatar and ultimately scale QNB's remittance service on RippleNet into additional markets. Read more via @pymnts: https://t.co/Khyy7Y1DCb
— Ripple (@Ripple) October 5, 2021
“We’re excited to partner with @QNBGroup to provide an enhanced cross-border payments experience in Qatar and ultimately scale QNB’s remittance service on RippleNet into additional markets.”
QNB will initially use RippleNet in a pilot program. It means the blockchain will be used as a test, and the bank will expand into other parts next. The initial pilot will be used by QNB Finansbank in Turkey in a group rollout.
Partnering with a blockchain company like Ripple is part of plans in QNB to offer more Fintech services. It’s one of the most innovative banks in the MENA region with plans to offer better solutions to customers around the world.
As mentioned above, Ripple has ambitious plans to work with banks in numerous countries worldwide. It wants to connect them all gradually to the RippleNet solution and provide comprehensive banking services.
Fintech companies also partner with Ripple to be able to offer services to more customers. bKash in Bangladesh and Mobile Money in Malaysia are two of the latest fintech partners of Ripple.
The former provides financial services to more than 45 million citizens, and the latter is a mobile wallet provider. They joined the RippleNet network as a partnership with Ripple.
Big partnerships with banks and fintech companies around the world surely help Ripple expand its market reach and grow faster. These partnerships help the XRP price to go higher, too. Although the coin hasn’t had very good times recently, these headlines may help the traders and holders, too.
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