Filipino bank ChinaBank has chosen this altcoin for its RippleNet payment solution. In this context, ChinaBank joined forces with QNB to facilitate a direct transfer from Qatar to the Philippines.
Banks choose this altcoin project!
As Cryptokoin.com reported, ChinaBank cooperated with Qatar National Bank (QNB). As part of the partnership, they have facilitated direct remittances from Qatar to the Philippines via RippleNet, a globally recognized financial platform for fast cross-border transactions, using Blockchain technology. This partnership has once again brought altcoin project Ripple to the fore. Thus, ChinaBank began developing the Digital Adaptive Remittance System as part of its efforts to provide more convenient, fast, secure and affordable remittance services.
ChinaBank discussed their #Ripple use with QNB for remittances from Qatar to the Philippines in their latest annual report.https://t.co/YvHrbewR7C pic.twitter.com/KjaXuHom94
— WrathofKahneman (@WKahneman) April 29, 2023
In addition, ChinaBank aims to encourage more families of overseas Filipino workers (OFWs) to save. For this, it removes the barriers to opening a bank account. Accordingly, through the China Bank START application, it is possible for users to easily open an OKS Account using their mobile phones without making an initial deposit. The bank also launched two promotions. Thus, it gave cash prizes to lucky customers. ChinaBank processed approximately 2 million remittance transactions worth a total of US$ 1.6 billion in 2022. While the Bank continues to expand its international and local presence, it expects growth in 2023.
Ultimately, the collaboration between ChinaBank and QNB will use Ripple’s ODL. This highlights the growing popularity of Blockchain-based solutions in the international remittance industry. Ripple’s ODL payment solution uses digital assets like XRP for real-time cross-border payments. It works by first converting a currency to XRP and then converting that XRP to the desired currency. With this method, the need for traditional correspondent banking relationships and the associated costs and delays are eliminated. Compared to standard cross-border payment methods, ODL is a fast, effective and cost-effective option.
ChinaBank’s investment and wealth management
Financial preparedness has become a priority during the pandemic. This, in turn, has led ChinaBank to offer user-friendly tools for its customers. The trust business remained stable with P222 billion in assets under management (AUM) and more than 27,000 trust accounts. Unit investment trust funds (UITF) continued to focus on investment management, estate planning services and traditional trust services.
Meanwhile, ChinaBank’s Asset Management business performed strongly in 2022, posting 20% growth in AUM. Thus, P130 reached billion. It seamlessly blended human and digital capabilities to attract more asset banking clients, deepen existing relationships, and deliver exceptional client experiences. China Bank Securities has helped investors build and diversify their investment portfolios with equities. It’s been a volatile year for the stock market. Despite this, China Bank Securities gained even more strength in 2022. The number of trading accounts increased by 145%, while trading volume doubled.
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