RAKBank, also known as the National Bank of Ras Al Khaimah (PSC), is one of the oldest banks in the UAE. Member of RippleNet since 2017.
Today, according to a Gulf News article, RAKBank announced an increase in its current remittance flow in the Philippines through a partnership with BDO Unibank, a universal bank in the Philippines.
RAKMoneyTransfer (RMT) services from RAKBank now allow customers to provide instant and secure money transfer services to any bank account in the Philippines through RippleNet. This service will be free until February 29, 2020.
Peter England (CEO of RAKBank) noted that:
“We at RAKBank are striving to increase our international volume of money transfers and are pleased to expand our RMT services in the Philippines through our partnership with BDO.
This partnership aims to provide the Philippine expat community here in the UAE with the ability to safely and instantly transfer money home at competitive rates with zero internal fees and no hidden fees.”.
BDO Unibank said its relationship with RippleNet has expanded its worldwide reach to financial institutions and customers. Through RippleNet, BDO Unibank is now connected to RAKBank, which has become a bridge in the Philippines to provide banking and financial services to the Philippine expat community in the UAE.
RAKBank will certainly make the most of RippleNet, as it has already worked with Cargills Bank to send money to Sri Lanka and Axis Bank to send money to India. RAKBank customers can send money through RAKMoney Transfer system to India, Sri Lanka, Philippines, Nepal and Pakistan.
BDO Unibank has been added to the Ripple Ecosystem.