RAKBank is expanding its remittance routes using Ripple’s blockchain technology

UAE-based RAKBank extends its ‘RAKMoneyTransfer’ services into the Bangladeshi land by partnering with commercial bank Bank Asia to support expats.

RAKBank, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the oldest banks in the UAE. It has been a RippleNet member since November 2017.

A partnership, announced Sunday, between Bangladesh-based Bank Asia and RAKBank will allow users to transfer money between accounts at the two institutions within 24 hours, RAKBank said.

Leveraging RippleNet blockchain technology, this new instant remittance solution to Bangladesh will be free during these difficult times, and customers can send money to their families back home quickly, providing them with the support they most definitely need throughout this health crisis.

The secure RMT service uses Ripple’s blockchain platform and enables instant transfers at competitive rates with no hidden fees or deductions made by the beneficiary bank. The transactions can be done selecting the RMT service via RAKBANK’s award winning Digital Banking platform. The comprehensive digital service is available 24X7 and can be accessed at your convenience, wherever you are.

The announcement doesn’t specify whether the service utilizes XRP, the cryptocurrency that is closely associated with Ripple and is an option for RippleNet users.

“This new instant remittance solution to Bangladesh will be free during these difficult times, and customers can send money to their families back home quickly,” the bank said in a statement, referring to the ongoing coronavirus pandemic. The service is free for users until June 30.

Commenting on the new collaboration, RakBank’s CEO Peter England said:

“We want to bring peace of mind to the Bangladeshi expat community in these challenging times by offering them a unique and comprehensive remittance solution via the Bank’s RMT services.

“In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats 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”, added Mr. England.

RAKBank has been taking full advantage of RippleNet, as it has already partnered with Cargills Bank to send money to Sri Lanka, Axis Bank for remittances to India, and BDO Unibank for The Philippines. RAKBank customers can now send money through RAKMoney Transfer to India, Sri Lanka, Philippines, Nepal, Pakistan, and the newly added Bangladesh.

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