Ripple: UAE Bank will use RippleNet to increase remittances in the Philippines

RAKBANK, a retail and commercial bank in the UAE, announced a partnership with BDO Unibank. The partnership aims to provide a full range of universal bank services in the Philippines. Including the number of increased remittances in the Philippines, according to the report. RAKBANK previously joined RippleNet to provide instant cross-border transfers to Indian beneficiaries of Axis Bank.

rakbank ripple - Ripple: UAE Bank will use RippleNet to increase remittances in the Philippines

This partnership will allow customers to instantly and safely transfer money to any bank in the country through RippleNet, using the transfer services RAKBANK [RMT].

Commenting on this step, RAKBANK CEO Peter England said:

“We, at RAKBANK, strive 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 offer the Philippine expat community here in the UAE the opportunity to safely and instantly transfer money home at competitive rates with zero internal fees and no hidden fees. ”

Through RippleNet, BDO Unibank has now become the Philippine Bridge between the island country and the Persian Gulf. Offering banking and financial services to the Philippine community of expatriates in the UAE.

Ripple advances in the UAE

In addition, the Ripple report of January 16, entitled “The Growing Asia-Pacific Remittance Market: 2020 Global Payment Opportunities,” indicates that the Asia-Pacific (APAC) market is ahead of the digital world because it has improved the global sending process. payments to consumers. He also noted that remittance flows to low- and middle-income countries such as the Philippines and Thailand reached a record high of $ 529 billion in 2018. And it is expected to reach $ 550 billion in 2019.

RAKBANK - Ripple: UAE Bank will use RippleNet to increase remittances in the Philippines

The report further indicates that the Philippines, in particular, is the third largest country that accepts remittances, and with more than 10 million Filipinos working abroad, “there is a massive influx of remittances from workers sending their earnings home.”

In addition, on January 22, Ripple published its XRP Markets report for the fourth quarter of 2019, which, among other things, talks about liquidity on demand (ODL).

The report noted how more than two dozen companies became ODL customers since 2019. They also hinted at Ripple’s plans to create additional corridors through APAC, EMEA and LATAM for 2020.

It is interesting to note that over the past few weeks, the Philippine liquidity index for XRP / PHP has also grown.

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