Doha, Qatar: Commercial Bank has become the first bank in Qatar to join enterprise software firm R3’s collaborative initiative to develop innovative applications and solutions on its Corda blockchain platform.
The Bank joins 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 that removes costly friction in business transactions. Through Corda, institutions can transact directly using smart contracts while ensuring the highest levels of privacy and security.
Commercial Bank’s membership of R3 is further evidence of its commitment to apply the latest technologies to improve services for customers and to drive operational efficiencies. It also demonstrates the Bank’s readiness to collaborate with other organisations in the financial services industry to find new ways that blockchain technology can be used.
Robin Marshall, Chief Information Technology Officer at Commercial Bank, said: “We 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 we 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. 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.”
David E. Rutter, CEO of R3, said: “R3 has built a global ecosystem of firms, financial institutions and regulators to unlock the potential in blockchain technology for enterprise. We’ve come a long way in a short space of time, but we are still only scratching the surface of what blockchain can deliver for firms. Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”
R3 recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions
Corda and Corda Enterprise are the foundation of a vibrant ecosystem of interoperable applications. These apps are built by R3’s partners, harnessing the power of blockchain to overcome the specific challenges faced by their customers.
-Ends-
Abeer Marwan Al Kalla
Head of Corporate Communications and CSR
The Commercial Bank (P.S.Q.C.) | P.O Box 3232, Doha, State of Qatar
Direct Tel: 44490292
About Commercial Bank
Commercial Bank has total assets of 135.1 billion as at 31 December 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.
The Bank is listed on the Qatar Exchange and enjoys strong credit ratings of (A3) from Moody’s, (A) from Fitch, and (BBB+) from Standard & Poor’s.
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).
Commercial Bank was awarded “Best Bank in Qatar” from Global Finance magazine in 2018. It was also named “Best Remittance Bank in the Middle East 2018” and “Best Retail Bank in Qatar 2018” by The Asian Banker.
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, which was established in 1991, 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 31 December 2018, Alternatif Bank had total assets of TL 25.5 billion, total loans stood at TL 17.3 billion, customer deposits of TL 13.5 billion and shareholders’ equity of TL 1.7 billion. https://www.alternatifbank.com.tr/en/
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