The Commercial Bank of Qatar has joined R3’s collaborative initiative to develop innovative applications and solutions on its Corda blockchain platform.
The Commercial Bank is a private sector bank operating in Qatar since 1975. It engages in conventional banking, brokerage services, and credit card businesses. The company operates through four segments wholesale banking, retail banking, Alternatifbank A.S. (ABank), and other principal subsidiaries. In December 2018, the bank reported a net profit of QAR 1,663.2 million ($440M USD).
The bank will be joining R3’s global network of more than 300 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda – an enterprise-grade blockchain platform desined to remove costly friction in business transactions. Corda enables institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security.
The bank said that they decided to join R3’s blockchain consortium because they want to apply the latest technologies to improve services for customers and to drive operational efficiencies, as well as collaborate with other organizations in the financial services industry on blockchain technology.
Robin Marshall, chief information technology officer of the bank, said that they already know that blockchain technology has the potential to make transactions between banks frictionless and secure, but there are potentially other, huge benefits of this technology that they are not even aware of.
“To find out the full potential of blockchain and to use it in day-to-day operations, financial services institutions must work together collaboratively and that is why we have joined R3,” said. “Our aim through this partnership is to find new ways to use blockchain technology that will improve the services we offer to our customers at Commercial Bank. Today, people want banking to be fast, convenient, and seamless and that is what we strive to offer.”
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