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- ChinaBank partners with Qatar National Bank to provide better remittance services to overseas Filipino workers and their families via RippleNet.
- In 2022, ChinaBank processed nearly 2 million remittance transactions worth a total of US$1.6 billion, with expectations for growth in 2023.
ChinaBank Partners with Qatar National Bank to Expand Remittance Services
ChinaBank has partnered with Qatar National Bank (QNB) to facilitate direct remittance from Qatar to the Philippines via RippleNet, a financial platform for fast cross-border transactions using blockchain technology. The move aims to provide more convenient, fast, secure, and affordable remittance services to overseas Filipino workers and their families. ChinaBank has also developed a Digital Adaptive Remittance System as part of its efforts to expand its international and domestic presence.
ChinaBank discussed their #Ripple use with QNB for remittances from Qatar to the Philippines in their latest annual report.https://t.co/YvHrbewR7C pic.twitter.com/KjaXuHom94
— WrathofKahneman (@WKahneman) April 29, 2023
In 2022, ChinaBank processed nearly 2 million remittance transactions worth a total of US$1.6 billion. The bank aims to continue expanding its remittance services in 2023, with growth expected as they improve their international and domestic presence. To encourage more overseas Filipino worker (OFW) families to save, ChinaBank has removed barriers to opening bank accounts.
Users can easily open an OKS Account using their mobile phone through the China Bank START app, with no initial deposit. The bank has also launched two promotions and rewarded lucky customers with cash prizes.
Investment and Wealth Management
During the pandemic, financial preparedness became a priority, leading ChinaBank to offer a wide range of investment options, user-friendly tools, and sound advice to help customers succeed in their financial journeys. The bank’s Trust business remained steady, with over 27,000 trust accounts and P222 billion in assets under management (AUM). They continued to focus on unit investment trust funds (UITF), investment management, estate planning services, and traditional trust services.
ChinaBank’s Wealth Management business performed strongly in 2022, registering a 20% growth in AUM to P130 billion. They blended human and digital capabilities to onboard more wealth banking clients, deepen existing relationships, and deliver exceptional customer experiences. The bank’s full-service stock brokerage arm, China Bank Securities, helped investors build and diversify their investment portfolios with stocks.
Despite a volatile year for the equities market, China Bank Securities grew even stronger in 2022. The number of trading accounts surged by 145%, while trade transaction volume doubled. This increase was driven in part by the launch of ChinaBankSec Online, a digital stock trading platform for buying and selling stocks listed at the Philippine Stock Exchange.
ChinaBank will continue to guide customers in making the most of their hard-earned money, beefing up their team of top-notch relationship managers, forecasting tools, and digital capabilities to help new and savvy investors navigate market volatilities and build their wealth.
