Through its RAKMoneyTransfer (RMT), the UAE-based bank will offer instant and secure transfer services to any bank in the Philippines through RippleNet.
Most importantly, customers can enjoy the service for free until 29 February 2020.
Thus, RAKBANK CEO Peter England, said:
“We, at RAKBANK are keen on increasing our international remittance footprint. We are also delighted to enhance our RMT services into the Philippines, thanks to our partnership with BDO.”
“Thus, this partnership aims to offer the Filipino expat community here in the UAE the ability to safely and instantly remit money back home at competitive rates with zero back-end charges and no hidden fees,” he added.
On the other hand, the Philippine bank has stated that the RippleNet has extended its ties with financial institutions and clients worldwide.
Accordingly, RAKBANK allows the Filipino expats to transfer money to their families through the RippleNet in an easy and secure way.
RippleNet is a network of banks and money transfer firms that apply Ripple-developed solutions to help customers transfer money worldwide.
Major UAE banks adopt digital services
Today, Cryptolydian has cited a recent study by Bloomberg Intelligence, stating that major banks in the UAE are adopting digital services. They aim to compete in the maturing blockchain industry that has growing customer needs.
Moreover, the study highlighted the importance of fostering digital services in order to boost market share, establish resilient and cost-effective activities.
Most importantly, the increase in IT spending may lead to the merger of small banks. Thus, larger banks may invest in the renewal of small banks’ systems.
Over the last 24 hours, XRP rose 2 percent to $0.2807. The cryptocurrency ranks third with a market cap of $12.29 billion.