HNB sees a rapid increase in digital remittances, uses RippleNet

by | Jun 30, 2020

Hatton National Bank (HNB), the fifth-largest bank in Sri Lanka, announced a 15% Year-on-Year (YoY) increase in digital remittances despite the COVID lockdown, as cardless withdrawals for Lankan expatriates and the HNB RippleNet blockchain facility for enterprises helped ease the difficulties faced by customers

HNB reports rapid increase in digital remittances

On June 29, HNB reported a 15% YoY increase in digital remittances and a 10% YoY increase in cardless withdrawals across its extensive ATM network over the past three months primarily sourced from the Middle East and East Asian nations.

“While foreign remittances have reduced in the wake of the COVID pandemic, many Sri Lankans continue to live and work overseas while remitting money to support their loved ones back home,” said Sanjay Wijemanne, HNB Deputy General Manager – Retail and SME Banking. “In many instances, the pandemic heightened the urgency for customers to ensure funds were available locally. In order to ensure their safety during this process, numerous customers had turned to cardless withdrawals. While these are challenging circumstances, we believe digital remittances have helped to ease the difficulties faced by customers and helped to build their confidence in digital platforms and cardless transactions,” he continued.

During the lockdown, HNB promoted cardless withdrawals for HNB Cash Xpress transactions to facilitate speedy and convenient completion of transactions. The facility was easily accessible to Lankan expatriates, via mobile apps of HNB’s extensive global network of partners, to transfer funds to their loved ones back home without the danger of entering a bank.

Similarly, the HNB RippleNet blockchain facility enabled enterprises to continue international transactions. Armed with the most extensive overseas correspondent banking network in Sri Lanka, HNB strived to ensure uninterrupted service to its loyal customer base. In total, the bank has seven overseas representatives stationed in the Middle East and Europe.

About HNB

HNB is a premier private sector commercial bank operating in Sri Lanka with 252 branches spread across the island and 4,913 employees. Founded in 1888, HNB aims to combine entrepreneurial spirit and leading-edge technology to exceed stakeholder expectations.

In 2018, HNB was the fifth largest bank in Sri Lanka and the second largest local bank with 1,000 billion Sri Lankan rupees in total assets ($5.35 bm). In 2019, HNB’s total assets increased to 1,196.4 Rs Bn.

HNB was declared the Best Retail Bank in Sri Lanka at the prestigious Asian Banker Excellence in Retail Financial Services Awards 2020, marking the 11th occasion the bank has emerged as winners, since 2007.

Sri Lanka and Ripple

With a population of 21.67 million and more than 1.6 million Sri Lankans living abroad, Sri Lanka received more than $7 bn in remittances in 2017.

Sri Lankans also sent more than $1.2 bn in remittances in 2017, with the vast majority going to India.

In 2018, two more banks joined RippleNet, Cargills Bank, and the Commercial Bank of Ceylon. HNB has been added to our Ripple ecosystem.

Credit to Tehol Beddict XRP for finding HNB’s announcement.

Latest News

MoneyGram CEO talks Ripple and ODL on CoinDesk

May 12, 2021
In a CoinDesk interview, MoneyGram CEO Alex Holmes spoke about MoneyGram's new partnership with Coinme but was also asked about Ripple and ODL.

XRP settlement solution generated $2M per week in revenue for MGI

May 10, 2021
After the SEC lawsuit and MoneyGram's statement that it "does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise" media and BTC maxis took advantage to claim that MoneyGram never used XRP.

CMC invents “time machine”, takes XRP back 5 years

May 8, 2021
CoinMarketCap, a popular price tracking website for crypto assets, has been reporting the wrong data for XRP since May 7th, slashing $17.5 billion from XRP's Market Cap.

Ripple strengthens presence in Poland

May 1, 2021
Currency One, a leading company on the online currency exchange market in Poland, has joined RippleNet.

Nubi: Powered by Ripple

May 1, 2021
Nubi is an Argentine fintech company founded in 2017. Its customers can now send and receive payments around the world efficiently, through Ripple-powered RippleNet.