It is evident that the banking sector will need to find ways to remain relevant and evolve in the years to come. RAKBANK hopes to leverage Ripple’s technology in its effort to make a positive impact.
Various financial institutions around the world see merit in Ripple’s technology.
The firm has made a name for itself in terms of providing liquidity for domestic and international money transfers.
RAKBANK in Dubai now hopes for it to make a very big impact.
The bank is expanding its RAKMoneyTransfer services into the Bangladeshi corridor.
More specifically, this is made possible thanks to an ongoing partnership with Bank Asia, a financial institution that is prominent in Bangladesh today.
The goal now becomes to facilitate transfers to Bank Asia accounts or any other Bangladeshi account within 24 hours.
For the end user, this service will be provided free of charge, which is a nice added bonus.
Under the hood, the service will make use of Ripple‘s blockchain platform.
This ensures that the beneficiary bank can make instant transfers.
Depending on the success of this new venture, a bright future may loom ahead for RAKBANK and Ripple in Bangladesh and surrounding countries.
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