Doha, Qatar: Commercial Bank has announced that its award-winning 60 Seconds Remittance service has been used over one million times by customers since it was launched in June 2017.
Commercial Bank’s 60 Seconds Remittance service is the first of its kind in Qatar. It allows customers to send money abroad within one minute. Customers can access the service through Commercial Bank Internet Banking and Mobile Banking App to send money to banks in India, Pakistan, Sri Lanka, Nepal and the Philippines almost instantly.
The 60 Seconds Remittance service was initially launched in June 2017 for remittances to India. Due to its popularity among customers, it was later extended to Pakistan, the Philippines, Sri Lanka and Nepal. Today, it is available to 28 banks in India, 35 banks in the Philippines, 26 banks in Sri Lanka, 29 banks in Pakistan and 28 banks in Nepal. It covers 95% of banks in each country.
Amit Sah, EGM, Consumer Banking at Commercial Bank, said: “Our aim at Commercial Bank is to use digital technology to transform our customer experience. Before launching the 60 Seconds Remittance service we asked our customers, through surveys and focus groups, how we could make their lives easier. For expatriate customers, the answer was clear: they were fed up of spending their time queuing in banks or exchange houses during their weekends to transfer money.
“Our solution was the 60 Seconds Remittance service. It is a service that is convenient, quick, easy to use, secure and available 24 hours, seven days a week. It is also cost-effective, offering market-leading exchange rates and competitively priced fees as low as QAR 5 per transaction.
“Because we knew that it was going to fulfil a real demand in the Qatar market for a convenient bank transfer service, it is no surprise to us that the use of the 60 Seconds Remittance is so high. We hope to expand the service in the future to cover more countries. And of course, we are continually looking at other ways that we can use technology to improve our customer experience. For Commercial Bank, the future of banking is digital, and we want to be at the forefront of these developments.”
The service is further evidence that Commercial Bank is a leader in digital banking in Qatar. In recognition of this market-leading remittance service, Commercial Bank was named ‘The Best Remittance Service for the Middle East’ at the Asian Banker’s Excellence Services Awards 2018.
Commercial Bank’s corporate strategy is based around five ‘C’s, which are: corporate earnings quality, client experience, creativity and innovation, culture and compliance. The 60 Seconds Remittance service is evidence that the Bank is delivering on the creativity and innovation strand of this strategy, which is the driving force behind its digital products and services.
-Ends-
About Commercial Bank
Commercial Bank has total assets of QAR 139.9 billion as at 30 June 2018. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating the exclusive Diners Club franchise in Qatar. The Bank’s countrywide network includes 29 full service branches and 174 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. Expanding its geographical footprint, Commercial Bank is 100% owner of Alternatif Bank in Turkey and has a strategic partnership with the National Bank of Oman (NBO). NBO is the second largest bank in Oman with total assets of OMR 3.4 billion as at 30 June 2018 and has 69 branches, including 1 branch each in Egypt, Abu Dhabi and Dubai. Commercial Bank has ceased discussion with Tabarak Investment to negotiate terms of the potential sale of the Bank’s stake in United Arab Bank.
Commercial Bank enjoys strong credit ratings of (A3) from Moody’s, (A) from Fitch, and (BBB+) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Bank’s Swiss Franc bond issued in March 2018 is the largest ever CHF bond from the MENA region.
Commercial Bank was awarded the “Best Remittance Bank in the Middle East 2018”, “Best Retail Bank in Qatar 2018,” “SME Bank of the Year in the Middle East 2017,” and “Best Cash Management Bank in Qatar 2017” by The Asian Banker. In recognition of its CSR activities benefitting the Qatari community, Commercial Bank was awarded the “Best CSR Report”, at the Corporate Social Responsibility awards ceremony for organisations in Qatar. The Bank also won the “Best Investor Relations award for mid-cap companies” at the Qatar Stock Exchange’s annual IR awards ceremony in 2017 recognising best practice in investor relations.
The Bank is dedicated to supporting Qatar’s community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters reflects the Bank’s promotion of excellence in sports and its keen interest in enhancing Qatar’s international sporting reputation. www.cbq.qa
About Alternatif Bank
Alternatif Bank was established in 1991. Commercial Bank became the majority shareholder in Alternatif Bank in 2013 holding a 74.24% stake, following the acquisition of Alternatif Bank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. In December 2016 the Bank completed the put option exercise of purchasing 25% of share in Alternatif Bank from Anadolu group. Currently the Bank owns 100% of Alternatif Bank shares.
Alternatif Bank is a mid-size Turkish bank that provides its customers in the corporate, commercial and retail banking segments with high value products, services and solutions through a country-wide network of 53 branches widely distributed across Turkey. Alternatif Bank works closely with Commercial Bank to realise synergies and leverage regional trade opportunities.
As at 30 June 2018, Alternatif Bank had total assets of TL 26.0 billion, total loans stood at TL 16.5 billion, customer deposits of TL 13.4 billion and shareholders’ equity of TL 1.6 billion.
https://www.alternatifbank.com.tr/en/
© Press Release 2018Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
