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- RAKBANK has now partnered up with BDO Unibank to enhance its footprint in the Philippines.
- This new partnership will allow customers to transfer money instantly and securely to all the banks in the Philippines.
- RAKBANK had previously also partnered up with RippleNet to able to make cross border payments to India’s Axis bank in early 2017.
RAKBANK has now partnered up with BDO Unibank to enhance its footprint in the Philippines. RAKBANK is just the trading name of the National Bank of Ras Al-Khaimah Public Joint Stock Company. It is a retail and business bank headquartered in the United Arab Emirates.
It is also listed on the Abu Dhabi Stock Exchange. The bank has assets of AED 34.5 Billion. The bank has partnered up with Ripplenet in an attempt to enhance its footprints in all of the Philippines. RAKBANK had previously also partnered up with RippleNet to able to make cross border payments to India’s Axis bank in early 2017.
This new partnership will allow customers to transfer money instantly and securely to all the banks in the Philippines. This is made possible via RippleNet using RAKBANK’s transfer services (RMT).
RAKBANK’s CEO, Peter England, talking about this move, said,
Ripple’s report released on the 16 January said that the Asia Pacific (APAC) market is ahead in digitization than the other parts of the world as APAC has improved the process of sending global payments for consumers to a great new level.
The report further said that the Philippines is the third-largest remittance-receiving country in the world and has more than ten million Filipinos that are working abroad. The report had also said that more than twenty-four companies in the Philippines had become the customers if ODL since the year 2019.
