QIB, Visa tie up to ease B2B payments
Tribune News Network
Doha
QIB, Qatar's leading digital bank, and Visa, a world leader in digital payments, have partnered to streamline corporate cross-border business-to-business payments to 120 countries worldwide through the adoption of the Visa B2B Connect platform. The Visa B2B Connect platform is a payment network that will allow corporates to send money conveniently and securely from Qatar to multiple markets across the globe through QIB, therefore, facilitating seamless business operations.
The announcement of the partnership signifies QIB's continued commitment to collaborate with its partners to facilitate trade across various international payment corridors by giving customers cost-effective, efficient, reliable and secure, money transfer services.
Commenting on this, QIB General Manager – Wholesale Banking Group Tarek Fawzi said, 'In today's fast-paced business environment, it's essential for companies to have a banking partner that can ensure swift transactions. Our partnership with Visa reinforces our commitment to providing businesses with efficient cross-border payment solutions. By leveraging cutting-edge technology and digital advancements, we're able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.'
QIB will be the first Islamic bank in Qatar adopting Visa B2B Connect and complementing its already existing outbound money transfer solutions and platforms simplifying international money transfer and payment services globally.
Also commenting on the partnership, Visa VP and General Manager for Qatar and Kuwait Shashank Singh said, 'Visa B2B Connect provides seamless, secure and efficient global money movement solutions for financial institutions and their corporate clients. The solution also supports the Qatar government's efforts to drive digital innovation in the financial and business sector and so we're excited to partner with QIB in bringing Visa B2B Connect for the benefit of the local market as well as the wider Middle East region.'
Although many businesses may find international money transfer complex, the new network promises predictability and transparency to customers, therefore, providing key insights for strategic decision making and businessplanning.The partnership will streamline cross-border payments to 120 countries worldwide through the adoption of the Visa B2B Connect platformBusinesses will enjoy efficient, reliable and secure, money transfer servicesAccount-to-account transactions from QIB Corporate accounts to beneficiary banks to be facilitated through the deployment of Visa B2B Connect
QIB Corporate and SME customers will gain access to an account-to-account cross-border payments service that operates 24x7 with ability to transactions in over 80+ currencies
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Qatar Tribune
2 days ago
- Qatar Tribune
QA, leading Qatari banks sign QR4.5 bn financing deal
Tribune News Network Doha For the first time in 28 years, Qatar Airways (QA) has signed a landmark agreement with leading local Qatari banks led by QNB to provide QR4.5 billion in strategic financing. The financing will be provided by domestic banks in Qatar. The syndication was fully underwritten and led by QNB Group as the sole and exclusive Book Runner, Global Coordinator, Initial Mandated Lead Arranger and Structuring Bank, while the lending banks include Ahlibank, Commercial Bank, Doha Bank, Dukhan Bank, QIB, and QIIB. This new agreement will see an innovative approach taken whereby local banks lend in Qatari Riyals in both conventional and Islamic tranches and commercial terms in line with international benchmarks for a strategic financing transaction of this nature. Qatar Airways Group Chief Executive Officer Engr Badr Mohammed Al Meer said, 'Qatar Airways' latest purpose-driven partnership demonstrates our trust in the operational excellence of the Qatari banking sector. We are honoured to collaborate with the leading banks of Qatar as we continue to further our commitment to fulfilling the Qatar National Vision 2030. We thank the financial institutions that have played a vital role in shaping our journey, offering support that has helped us reach new millstones. We believe such strong and resilient partnerships remain essential for driving industry innovation and expanding global connectivity.' QNB Group Chief Executive Officer Abdulla Mubarak Al Khalifa said, 'We are pleased to have been selected by Qatar Airways for this prominent role. This appointment underscores QNB's expertise in structuring complex financing solutions and its commitment to supporting the growth objectives of our clients and supporting Qatar National Vision 2030.' As Qatar Airways continues its ambitious fleet and network growth strategy, it remains firmly committed to supporting local institutions, enhancing economic development, and contributing to national prosperity. With this agreement, the national carrier also aims to stimulate greater collaboration between the aviation and the banking sector, paving the way for innovative financial structures tailored to the airline's evolving needs while promoting national economic resilience.
Qatar Tribune
2 days ago
- Qatar Tribune
QIB successfully issues sukuk worth $750 mn
Tribune News Network Doha Qatar Islamic Bank (QIB), rated A1 by Moody's and A by Fitch, successfully issued a $750 million sukuk with a profit rate of 4.803 percent and tenor of 5 years on June 3. The profit rate was equivalent to a credit spread of 80 basis points over the US Treasury Rate, which was well inside QIB's fair value and lower than secondary market spreads of all Qatari banks, reflecting the positive perception of international investors around QIB's credit quality. Moreover, QIB's profit rate was the lowest achieved by a GCC bank for a senior unsecured 5 year issuance in 2025. QIB announced its intention to issue a Sukuk on Monday morning and conducted calls throughout the day with European, Asian and Middle Eastern accounts. Initial investor feedback was encouraging and allowed QIB to open the order book on Tuesday morning. The order book quickly grew to peak at $1.7 billion, representing an oversubscription rate of 2.3 times, one of the highest levels of demand seen for Sukuk issuances. The robust order book enabled QIB to confidently tighten the pricing by 35-40 basis points from Initial Price Thoughts in one iteration to 80 basis points over the US Treasury Rate. Investor diversity was broad and comprised of banks, private banks, fund managers and agencies from all over the world. Acting as joint lead managers and book runners were Abu Dhabi Islamic Bank, Bank ABC, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, KFH Capital, Mashreq, QNB Capital, QInvest, SMBC, Standard Chartered Bank and The Islamic Corporation for the Development of the Private Sector. Commenting on the issuance, QIB Group Chief Executive Officer Bassel Gamal said, 'QIB is proud of another successful transaction in the international capital markets, where it has built a reputable name and large investor base from around the globe. The strong demand for our Sukuk underscores the faith investors have in robust economic position of the State of Qatar's and strong financialfundamentals of QIB.'
Qatar Tribune
2 days ago
- Qatar Tribune
Qatar Airways signs QR4.5 bn loan facility pact with Qatari banks
For the first time in 28 years, Qatar Airways has signed a landmark agreement with leading local Qatari banks, led by Qatar National Bank (QNB), to secure QR4.5 billion in strategic financing. According to a statement from Qatar Airways on Wednesday, the financing will be provided by domestic banks in Qatar. The syndication was fully underwritten and led by QNB Group as the sole and exclusive Book Runner, Global Coordinator, Initial Mandated Lead Arranger and Structuring Bank, while the lending banks include Ahlibank, Commercial Bank, Doha Bank, Dukhan Bank, Qatar Islamic Bank (QIB), and Qatar International Islamic Bank (QIIB). This new agreement will see an innovative approach taken whereby local banks lend in Qatari Riyals in both conventional and Islamic tranches and commercial terms in line with international benchmarks for a strategic financing transaction of this nature. (TNN) page 8
