The Commercial Bank of Qatar has announced the completion of testing on a blockchain prototype, which was designed for international remittances. T
The Commercial Bank of Qatar has announced the completion of testing on a blockchain prototype, which was designed for international remittances.
The project is a collaborative initiative realized by the Commercial Bank, EdgeVerve Systems, a subsidiary of IT enterprise Infosys and several of the bank`s subsidiaries and associated banks. The goal is to transfer payments over the system, as reported by the online media.
Last month, the Commercial Bank of Qatar has successfully gone through a blockchain pilot in conjunction with a regional alliance of banks in Turkey, Oman and the UAE.
“Blockchain has huge potential to change the financial services sector and we are proud to be the pioneers in leading this change in Qatar by introducing yet another new technology to provide the best client experience for all our customers.”, as CEO Joseph Abraham said in a statement at the time.
The bank has also planned to develop new line in other payment corridors in the Middle East and the Philippines. As the Commercial Bank claimed, that is still high on their agenda, with the bank trying to work along with banks and companies across the region.
Abraham said in a statement quoted by the article:
“We are delighted with the success of this pilot across the Commercial Bank Group and want to expand our cluster to form closed group networks for trade and cash transactions with more banks in South Asia, Egypt, Philippines, UAE and other countries with higher transaction volumes.”
The bank is also reportedly foreseeing the implementation of blockchain technology into other services, as senior officials have explained.