• ChinaBank partners with Qatar National Bank to facilitate remittances via RippleNet.
• The bank launched two promotions and rewarded lucky customers with cash prizes.
• ChinaBank offered a wide range of investment options, user-friendly tools, and sound advice to help their customers succeed in their financial journeys.
ChinaBank Partners with Qatar National Bank
ChinaBank has partnered with Qatar National Bank (QNB) to facilitate direct remittance from Qatar to the Philippines via RippleNet, a globally recognized financial platform for fast cross-border transactions using blockchain technology. In 2022, ChinaBank processed nearly 2 million remittance transactions worth a total of US$1.6 billion, and expects growth in 2023 as they continue to expand their international and domestic presence.
Digital Adaptive Remittance System
ChinaBank is developing a Digital Adaptive Remittance System to make it easier for overseas Filipino workers and their families to send money home. Through the China Bank START app, users can easily open an OKS Account using their mobile phone, with no initial deposit. To encourage more OFW families to save, the bank also launched two promotions and rewarded lucky customers with cash prizes.
Investment Options & Wealth Management
Financial preparedness became a priority during the pandemic, leading ChinaBank to offer a wide range of investment options, user-friendly tools, and sound advice to help their customers succeed in their financial journeys. The Trust business remained steady in 2022 with P222 billion in assets under management (AUM) and over 27,000 trust accounts while Wealth Management registered 20% growth in AUM totalling P130 billion.
Removing Barriers & Encouraging Savings
To remove barriers to opening bank accounts and encourage more OFW families to save money, ChinaBank began the development of a Digital Adaptive Remittance System through the China Bank START app which allows users to easily open an OKS Account using just their mobile phone without any initial deposit required. They also launched two promotional campaigns rewarding lucky customers cash prizes for participating.
Conclusion
ChinaBank is working hard at revolutionizing how Filipinos access banking services both domestically and abroad by partnering with QNB on RippleNet for international remittances as well as providing various investment options such as unit investment trust funds (UITF), estate planning services etc., along with user-friendly tools designed to help them succeed financially during the pandemic era by removing barriers such as having no initial deposits required when opening bank accounts through its app – China Bank START – while encouraging savings through promotional campaigns that reward lucky participants with cash prizes
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