Ripple And QNB Finansbank Established a Partnership

Ripple and QNB Finansbank established a partnership. As part of the partnership, the two companies are creating a cross-border money transfer platform.

QNB, the largest banking institution in Central Asia and Africa, has signed a partnership agreement with Ripple, according to a press release dated October 4 on its official website. QNB will test the service developed based on the RippleNet infrastructure with QNB Finansbank in Turkey in the first stage, and will expand it to more countries and regions in the future. In a statement on the subject, Heba Al Tamimi, General Manager of QNB Retail Banking Group, said, "QNB is always renewing its services to provide the best to its customers, and this partnership we have reached is a new fintech initiative we have formed to improve the products we offer to our customers." Navin Gupta, Ripple's head of South Asia and the Middle East, said: " We are excited to step into a strategic partnership with QNB. This partnership will bring together innovations in banking and fintech to improve the cross-border payment experience and ultimately scale the bank's remittance service on RippleNet to more markets.” QNB Group is currently the most valuable bank in the Middle East and Africa. Located in three continents and 31 countries, the group has an ATM network of more than 4,600 machines. With 28 thousand employees, QNB serves approximately 20 million customers in 1000 locations. On the other hand, in 2018, Akbank started to transfer Sterling with the Ripple network. While this service can be used through the Akbank Direkt application, there is no longer a Ripple option in the application.