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Ripple’s partner Qatar National Bank (QNB) has signed a remittance service deal with China Bank allowing direct money transfers from Qatar to the Philippines. QNB, an official sponsor of the FIFA World Cup 2022, will the RippleNet cross-border payment settlement solution to ensure safe and smooth remittance transfers.
Navin Gupta, Ripple’s managing director for South Asia and MENA, tweeted it as a proud moment to connect its biggest partner in MENA, QNB with China Bank and support the FIFA World Cup 2022 host Qatar.
Ripple’s Partner QNB Launches Direct Remittance Service
Qatar-based multinational bank QNB has launched a direct remittance service with China Bank in the Philippines using the cross-border payment system RippleNet, reported a local daily newspaper on July 25.
QNB is Ripple’s biggest partner in the MENA region. The bank partnered with Ripple in 2021 announcing its strategy to improve cross-border payments and remittance services across multiple countries quickly.
Navin Gupta, managing director at Ripple, stated:
“QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. 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.”
Adel Al-Malki, general manager at QNB, and Marlon Hernandez, head of remittance business at China Bank, consider RippleNet as the perfect solution for safe and fast money transfer.
The remittance service allows Filipino customers in Qatar to instantly transfer money up to 50,000 Philippine pesos to any bank in the Philippines. However, funds over 50,000 Philippine pesos will be credited on the next working day.
Brad Garlinghouse Claims Win Against the SEC
During the Collision 2022 conference, Brad Garlinghouse, CEO of Ripple, claimed Ripple will win the lawsuit against the SEC as the law and facts support that XRP is not a security. Even if the company loses the lawsuit, the company will continue to grow as the SEC only has jurisdiction in the U.S.
Currently, Ripple seems to be winning as Judge Sarah Netburn ordered the SEC to surrender William Hinman’s 2018 speech drafts. Meanwhile, the SEC prepares to file an objection to Judge Netburn’s ruling on the Hinman Speech documents.
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