The Commercial Bank of Qatar has announced the completion of testing on a blockchain prototype designed for international remittances.
Developed in conjunction with EdgeVerve Systems, a subsidiary of IT giant Infosys, the project saw the Commercial Bank partner with several of its subsidiaries and associated banks in conducting transactions over the system.
The news follows hot on the heels of a similar blockchain trial conducted with other banks in the region. Last month, the Commercial Bank revealed work with banks in the UAE, Oman and Turkey, which saw the participants sending one another payments as part of a bid to develop new lines in established payment corridors in the Middle East and the Philippines.
According to the Commercial Bank, that plan is still on the agenda, with the institution now eyeing more partners across a wider region.
Joseph Abraham, Commercial Bank of Qatar’s CEO, said in a statement:
In announcing the pilot's completion, the bank reiterated past statements about its plans for a trade finance solution, also powered by blockchain. The Commercial Bank further intends to pursue other use cases of the tech, according to senior officials.
Commercial Bank image via Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.