• ChinaBank and Qatar National Bank partnered to facilitate remittances via RippleNet.
• ChinaBank launched several initiatives including the Digital Adaptive Remittance System, OKS Account, and promotions.
• They also focused on their Trust business with P222 billion AUM and Wealth Management business with 20% growth in AUM to P130 billion.
ChinaBank Partners with Qatar National Bank
ChinaBank has partnered with Qatar National Bank (QNB) to provide more convenient, fast, secure, and affordable remittance services for overseas Filipino workers (OFWs) and their families using RippleNet, a globally recognized financial platform for cross-border transactions using blockchain technology. In 2022, remittance transactions processed by ChinaBank totaled US$1.6 billion.
Digital Adaptive Remittance System
To make it easier for OFW families to save money, ChinaBank is developing a Digital Adaptive Remittance System. They have also launched an app called China Bank START which allows users to open an OKS Account directly from their mobile phone without any initial deposit. Additionally, they have introduced two promotions that reward lucky customers with cash prizes.
Trust Business & Investment Management
In order to help customers become financially prepared during the pandemic, ChinaBank offers investment options such as unit investment trust funds (UITF), estate planning services, traditional trust services etc., as well as user-friendly tools and sound advice to support their financial goals. The Trust business had P222 billion in assets under management (AUM) and over 27,000 trust accounts in 2022 while the Wealth Management business saw a 20% growth in AUM reaching P130 billion during the same year.
Financial Empowerment
ChinaBank continues its efforts towards financial empowerment by providing access to banking services through its digital channels like the OKS Account app or promotional campaigns that offer rewards for customers who save money or invest wisely. This demonstrates their commitment towards creating better opportunities for Filipinos living overseas or at home as they strive towards economic success and stability.
Conclusion
By partnering with Qatar National Bank via RippleNet and launching innovative solutions such as the Digital Adaptive Remittance System along with other initiatives like promotions or user-friendly tools that provide sound advice on investments etc., ChinaBank is making great strides in empowering Filipinos both abroad and at home by making financial services more accessible than ever before.
