Commercial Bank of Qatar has distinguished itself through a forward-thinking approach and a series of impressive, first-to-market innovations. When it comes to digital technology, CBQ acts and others follow.
The firm was the first lender in Qatar to launch a dedicated merchant app accepting mobile and QR code payments. It was the first to issue digitally signed statements and the first to offer augmented reality, which helps customers locate merchants with exclusive offers for CBQ cardholders.
“Commercial Bank is at the forefront of FinTech innovation and digitalisation, continuously evolving to meet the demands of an increasingly digital economy,” says Omran Al-Sherawi, head of assets and liability management.
Unsurprisingly for a firm dedicated to setting a benchmark for digital banking solutions, the CBQ Mobile App is ranked number one in the Middle East.
The platform combines a seamless and intuitive user experience with best-in-class security protocols, ensuring customer data is safeguarded in an evolving digital landscape. Peerless functionality such as 60-second cross-border remittances is revolutionising the speed and ease of international transactions.
The launch of CBQ’s digital wallet with tap-to-pay functionality has also enhanced customers’ payment experience. Whether making payments locally or internationally, customers enjoy faster, safer and more efficient transactions.
The CB Wallet also provides greater control over card usage and is designed to improve speed and security at point-of-sale transactions.
The focus on innovation extends throughout the bank’s corporate operations. A prime example is its recently updated corporate trade portal. This advanced platform streamlines and enhances the trade finance experience for businesses through greater efficiency and transparency in transactions.
“This portal represents a significant leap forward, especially since we are the first bank to incorporate Optical Character Recognition technology in Qatar,” says Al-Sherawi. CBQ has introduced new fields and artificial intelligence-powered tools to improve client experience and reduce turnaround times.
A green leader
CBQ is leading the way on sustainable finance as well. Its issuance of a debut green bond — a highly successful Swiss franc transaction — underscores its role as a responsible financial leader. The Sfr255m bond was the largest Swiss franc green deal from Qatar and the largest Swiss deal of any kind from the country for over a decade.
“Our issuance of a green bond underscores our role as a responsible financial leader, channelling capital towards environmentally friendly projects,” says Al-Sherawi.
This commitment is evident in CBQ’s A rating in MSCI’s ESG rating scale, testifying to its strong environmental, social and governance practices. “The bank places significant value on ESG and will be focussed on this theme across both the financing and client offering space,” says Al-Sherawi.
The firm’s mindset is to view challenges as opportunities to advance the Qatar National Vision 2030 and the UN Sustainable Development Goals. CBQ has launched a series of initiatives as part of its commitment to supporting Qatar’s National Strategy for the Environment and Climate Change.
They include a CB Green Mortgage Loan, which offers competitive rates and supports sustainable property investments. A CB Green Vehicle Loan promotes electric and hybrid cars. “In 2023, we financed QAR2m worth of electric vehicles and collaborated with BYD and Volvo to boost electric car adoption,” says Al-Sherawi. “Our operational efforts also include reducing our carbon footprint, with a 25% reduction in greenhouse gas emissions targeted by 2030.”
A leap forward
Ultimately, the bank’s strategic priorities are inspired by its Five Cs approach, which revolves around five themes: Corporate Earnings Quality, Client Experience, Creativity and Innovation, and Culture and Compliance.
CBQ has showcased its strong execution of an initial five year strategic plan elaborated in 2016, which resulted in excellent bottom line momentum and outstanding financial performance.
Impressive growth is evident across both corporate and retail segments. A dynamic card business provides a wide array of tailored promotions and exclusive benefits that resonate strongly with CBQ’s diverse clientele.
The firm’s wealth management division has seen a remarkable expansion. The bank provides highly personalised and bespoke financial solutions designed to meet the unique needs of its high net worth clients, and offers a dedicated team of experts.
Meanwhile, the Bank’s own diversified investment strategies and robust risk management practices have allowed it to combine growth and profitability with stability and reliability.
“Our focus is to build on this success to ensure sustainable growth,” says Sherawi, “while embracing the new innovations around digitisation, artificial intelligence and ESG to help our clients thrive.”
KEY COMPANY DATA
First half of 2024
Total assets: $44.2bn
Net profit: $432m
Capital adequacy ratio: 17.2%