Qatar Bank Passes Remittance Pilot Test
Commercial Bank, Qatar’s largest private bank, has completed the pilot test for a blockchain network for international transfer and trade finance. The new service uses a cloud-based distributed ledger to enhance automation between regional banks in their transactions.
The bank claimed it has successfully completed the initial pilot phase using the blockchain network to process international transfers in partnership with ABank in Turkey, National Bank of Oman and United Arab Bank in the UAE. Other banks participated in Egypt and India, but were not named.
Following the successful testing of the pilot phase, the bank will be working to obtain the necessary approvals from Qatar Central Bank and other stakeholders to extend Commercial Bank’s blockchain network in countries with high remittances corridors, including the Philippines, Nepal, Egypt and Pakistan, among others.
The bank will also focus on trade finance transactions, extending the blockchain technology beyond payments to include legal and trade documents.
