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Ripple to partner with Qatar National Bank to enhance cross-border payment

Ripple Qatar National Bank-IFM-image
The Qatari bank will pilot Ripple’s financial technology network RippleNet

Blockchain solution provider Ripple is partnering with Qatar National Bank (QNB) to enhance cross-border payments, according to media reports. The Qatari bank will pilot Ripple’s financial technology network RippleNet with QNB Finansbank in Turkey.

In this regard, Navin Gupta, managing director (South Asia & Mena) at Ripple told the media, “We are excited to be a strategic partner with QNB, bringing together innovations in banking and FinTech to enhance the cross-border payments experience, and ultimately scale QNB’s remittance service on RippleNet into additional markets.”

By leveraging RippleNet, QNB plans to improve cross-border payments and expand its remittance service across multiple countries. This partnership with Ripple will help the bank deliver near real-time payments, to provide a unique and differentiated experience.

Last month, it was reported that Ripple is creating a $250 million fund to provide financial and technical support to developers looking to craft premium NFT projects issued on the XRP Ledger (XRPL).

Monica Long, GM of RippleX at Ripple told the media, “While NFTs have opened the door for a tokenised future, actually navigating these concepts is a different ball game for many.

“By starting with marketplaces and creators, our fund seeks to take the guesswork out of NFT projects to unlock unexplored tokenization use cases on the XRP Ledger.”

Recently, Ripple’s development team rolled out a preview of the Massive XRP Ledger update. The update was first announced in June this year. According to reports, the upgrade will include federated sidechains, which will have the ability to release decentralised finance (DeFi).

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