RAKBANK RippleNet partnership is paying dividends as the UAE-based bank is expanding its footprint in the region. RAKBANK has joined hands with BDO Unibank of the Philippine to power remittance transactions. It is pertinent to note here that the Philippine receive considerable remittances from Gulf nations as a large migrant population works in the UAE.
Previously in 2017, RAKBANK RippleNet partnership worked together to provide remittance solutions to India. The instantaneous cross-border payments were made in collaboration with the Axis Bank based in India. The latest endeavor with BDO Unibank will help migrants to transfer money to their families using fast, efficient, and secure RippleNet.
RAKBANK RippleNet partnership to boost remittances to Philippine
RAKBANK chief executive officer Peter England stated that the bank is committed to providing fast and transparent remittances. It is proud to partner with BDO Unibank of the Philippines in order to provide a more transparent network of remittances. The ex-pat Philippine community will benefit greatly with this latest RAKBANK BDO Unibank partnership.
Both entities will work jointly to create an eco-system of transparent, efficient, and speedy remittances with no hidden charges and minimal fees. Interestingly, Ripple has also released a report named ‘The Growing Remittance Market in Asia-Pacific.’ In 2018, both the Philippine and Thailand received a combined $529 billion in remittances from across the world. The report highlights how the financial services opportunities are steadily rising as the global expatriate community looks for new ways to transfer money. The digitization has improved the transaction mechanisms which is exactly what the RAKBANK RippleNet partnership will look to cash in.
Philippines remittance market is teeming with opportunities
Ripple’s report on remittances further mentions how Philippine is fast emerging as Asia’s premier remittance market. The Philippine expat market consists of around ten million Filipinos who send millions of dollars back home to their families.
The ‘On-Demand-Liquidity’ of the country is at an all-time high. Ripple plans to install more infrastructures to power its remittance payments network. The firm is planning to create more corridors, including LATAM, EMEA, APAC, and more. No wonder the RAKBANK Ripplenet partnership is a step in the right direction.
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