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Cryptocurrencies

Qatar's Commercial Bank completes blockchain tests for remittances

Friday 5 May 2017 | 10:28 AM CET

The Commercial Bank of Qatar and EdgeVerve Systems have completed testing a blockchain prototype designed for international remittances.

Besides EdgeVerve Systems, which is a subsidiary of Infosys, the project saw the bank partner with several of its subsidiaries and associated banks in conducting transactions over the system. In April 2017, the Commercial Bank revealed work with other banks in the UAE, Oman and Turkey, when the participants sent 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. Furthermore, the Commercial Bank further intends to pursue other use cases of the tech, according to senior officials.

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