• ChinaBank has partnered with Qatar National Bank to facilitate remittances via RippleNet.
• The bank launched a Digital Adaptive Remittance System, as well as an OKS Account with no initial deposit and promotions to reward lucky customers.
• In 2022, ChinaBank’s Wealth Management business registered a 20% AUM growth and the Trust business remained steady.
ChinaBank Partners With Qatar National Bank
ChinaBank has announced a partnership with Qatar National Bank (QNB) that will allow for direct remittance from Qatar to the Philippines via RippleNet. This is part of their efforts to make remittance transactions more convenient, fast, secure, and affordable.
Digital Adaptive Remittance System
In order to achieve this goal, ChinaBank has developed a Digital Adaptive Remittance System that encourages OFW families to save money by making it easier for them to open bank accounts through the China Bank START mobile app. Furthermore, two promotions were launched for customers in order to reward them with cash prizes.
Remittance Transactions in 2022
In 2022, ChinaBank processed nearly 2 million remittance transactions worth a total of US$1.6 billion with expectations for growth in 2023 as they continue expanding their international and domestic presence.
Financial Preparedness & Investment Options
The pandemic made financial preparedness a priority which is why ChinaBank offered various investment options along with user-friendly tools and sound financial advice in order to help their customers succeed on their financial journeys. The Trust business remained steady while the Wealth Management business saw a 20% AUM growth in 2022 and onboarded more wealth banking clients.
Conclusion
Overall, ChinaBank is dedicated to providing its customers with better services that are more convenient, fast, secure and affordable through its partnership with Qatar National Bank and its Digital Adaptive Remittance System developments. In addition, it offers various investment options and trust services which have been performing steadily throughout 2020-2022 period despite the pandemic context.
