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:
"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."
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