RAK Bank Launches Remittance Service for Bangladesh Though Ripple
The ninth-largest bank in UAE, RAK Bank selects Ripple for launching a new remittance service, targeting the Bangladeshi market.
The partnership will allow instant money transfers in 24 hours (a process that may take some days) between RAK Bank and Bank Asia in Bangladesh.
The partnership is expected to raise interest for many migrant workers from Bangladesh, working in UAE and want to send money back to their family fast and safe. The service will be free of charge to ease the adoption process and its spreading. The remittances are much more essential at this moment, due to the coronavirus effect as many families are dependent on remittances.
Ripple’s technology will be integrated into the RAK Money Transfer without any further disclaimer for technical details like if the users will buy XRP to complete any transaction they want.