UAE Based RAKBank To Launch Ripple Powered Remittance Service to Bangladesh with Bank Asia
RAKBank, one of the oldest banks in UAE which became a RippleNet member in 2017 is all set to offer remittance service to Bangladesh with its new partnership with Bank Asia.
Bank Asia is a third-generation commercial bank based in Bangladesh. Under this partnership, RAKBank would facilitate not only bank transactions to BankAsia accounts but any other bank account in Bangladesh as well. The partnership would see customers get their transactions approved with 24 hours and will be free until 30th June.
Ripple has made quite a remarkable name for itself when it comes to cross-border remittance technology and has added over 200 banks as the RippleNet partners.
While the XRP tokens continue to plunder and fail to rise above the psychological resistance of $0.30, the parent company has managed to shift its focus towards offering instant money transfer across the borders for banks which seemed a distant dream until blockchain arrived.
RAKBank CEO Peter England believes the latest partnership with Bank Asia would offer the much-needed respite from the ongoing pandemic where the world has come to a standstill, and money transfers have become a complicated job, especially in developing nations. England explained:
“In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi ex-pats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees, and at competitive rates.”
RAKBank Uses RippleNet to Facilitate Instant Money Transfer
RAKBank’s secure RAKMoney Transfer makes use of Ripple's RippleNet platform that helps in instant money transfer made by the beneficiary bank. The services would be available 24*7, round the clock, and people can avail the service via RAKBANK’s Digital Banking platform.
Md. Arfan Ali, the President, and managing director of Bank Asia believe that the new partnership would be of great significance and said:
“This solution is going to mark a new chapter in the history of remittance payment in our country. Considering the current Covid-19 pandemic situation, we have jointly waived remittance charges to help our ex-pats send money easily to their beloved families back home.”
Ripple’s banking solution has found a great reception in South East Asia and RKABank is expanding its services throughout the region using the remittance service. It has partnered with Cargills Bank to offer cross-border transactions to Srilanka, Axis Bank to offer its banking services in India and similarly a few other banks in the Philippines, Pakistan, Nepal, and now Bangladesh.