International Finance

RakBank, BankAsia drive cross-border payments using Ripple’s blockchain

RAKBank Ripple
Bangladeshi expatriate community is expected to benefit from the partnership with instant and secure payments

One of the UAE’s largest banks RAKBank seeks to provide swift cross-border payments in Bangladesh using Ripple’s blockchain technology, a local media reported. For that reason, RAKBank and Bank Asia have established a partnership to enable users to transfer payments in a day’s time.

With the new partnership, the Bangladeshi expatriate community is expected to benefit with instant and secure payments in a few clicks. The bank said in a statement, “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.”

It is reported that the service is free for users until June 30. However, it is unclear whether the bank is using XRP cryptocurrency which is closely associated with Ripple, media reports said.

Bank Asia is a private sector commercial bank based in Bangladesh. RAKBank is a long-standing partner of Ripple. Earlier this year, RAKBank established cooperation with BDO Unibank in the Philippines to drive real-time payments for customers of both banks.

Using Ripple’s technology, RAKBank was also able 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.” RAKBank is one of the oldest banks in the UAE.

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