Commercial Bank was among 16 entities this year listed in Forbes’ “Top 100 Listed Companies 2023.”

The Commercial Bank won Global Finance’s prestigious “The Top Innovation in Mobile Banking Award in the World 2023″, the Qatar-based bank announced on Sunday.

“Technological advancement and the adoption of industry standards have opened the door wide to innovation. The most innovative banks and FinTechs became customer favourites,” Joseph Giarraputo, publisher and editorial director of Global Finance, said.

The award recognises top global innovations in the finance sector, with Commercial Bank receiving this year’s title in innovation for its developed CBQ Mobile App.

The application provides more than 120 services while ensuring data privacy and security for users.

“We redeveloped our digital platform using the Google Flutter platform providing a fresh interface, which in turn provides intuitive flows, making it easier for customers to navigate and access various services,” Shahnawaz Rashid, EGM, Head of Retail Banking in Commercial Bank, said.

According to the Commercial Bank’s statement, the mobile app has been repeatedly ranked as the top financial platform of its kind in Apple and Android app stores. 

It has also been recognised as Qatar’s ‘Best Mobile App’ by various awarding bodies, the statement added.

Commercial Bank was among 16 entities this year listed in Forbes “Top 100 Listed Companies 2023”. The Qatari bank ranked 35th in the Middle East.

The bank’s market value stood at $6.4 billion, $2.6 billion in sales, and assets of $46.5 billion. In 2022, the bank witnessed a 22% increase in profits in comparison to 2021, recording $772 million in net profits.

The Qatar Investment Authority owns 16.8% of the bank.

Separately, Commercial Bank was ranked 21st in Forbes 50 ‘Most Valuable Banks 2023’ list for the Middle East in April.