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Here’s how Ripple enables transfers to the Philippines

Dubai-based RAKBANK and BDO Unibank (a full-service universal bank in the Philippines) will use Ripple’s payment ecosystem to expedite transfers to the Philippines.

RAKBANK expands remittance services through Ripple, BDO partnership

RAKBANK has joined BDO, a full-service bank in the Philippines, to expand its activities in the region. The Dubai-based institution is already represented in the country and part of the RippleNet ecosystem.

With the RakMoneyTransfer (RMT) service, the bank aims to transfer fast, secure, smooth and inexpensive payments to any bank account in the Philippines. Access to a local bank also solves the last mile problem of money transfers.

“We at RAKBANK are determined to expand our international remittance base and are excited to improve our RMT services in the Philippines thanks to our partnership with BDO. This partnership aims to provide the Filipino expat community here in the United Arab Emirates with the ability to securely and instantly send money to their homes at competitive rates with no back-end fees or hidden fees, “said Peter England, CEO of RAKBANK.

BDO Bank has also joined RippleNet, and joining the Ripple Club has reportedly connected them with larger and more influential global partners. The partnership has now expanded the possibilities for international transfers from the ex-pat community in the UAE to the Philippines.

RippleNet already serves as a growing network of banks and financial institutions, including MoneyGram and other local fintech money transfer companies. Currently, the use of RippleNet can be achieved without the need for the XRP asset. In this regard, the network has shown that it can compete with other interbank networks such as SWIFT.

Use cases for XRP Asset Remain Limited

However, the potential use of RippleNet has not generated significant demand for XRP. The asset moved $ 0.23 after breaking the $ 0.30 mark. Extreme projections for XRP assume a use case where banks use the asset for wire transfers and remittances, thus increasing the price.

For now, XRP has only managed to get a speculative trade. In early 2020, the volume rose to double its usual level. XRP will continue to be viewed as an offering for a potentially significant upgrade.

If you don’t buy #XRP right now, you just hate money and I have nothing else to say. pic.twitter.com/VonFF76P3D

– Magic ^ ArKaiN (@TheRealArkaiN) February 25, 2020

At the same time, Ripple, Inc.’s influence grows as the San Francisco-based company moves into the public domain and continues to add niche and larger banks to its network. The actual use of on-demand liquidity is also limited as banks still use a mix of traditional and innovative methods of transferring funds.

With the help of Ripple, Sentbe is offering a faster, cheaper, and more convenient way to send money home to their families across Southeast Asia. https://t.co/j0ZqCqi0dI pic.twitter.com/GGIHiO0MeB

– Ripple (@Ripple) February 27, 2020

Despite the skepticism, Ripple continues its expansion offensive and forms a larger club of financial institutions. The other factor behind the project’s notoriety is the large and dedicated community of XRP owners.

What do you think of the latest Ripple partnership? Share your thoughts in the comments below!

Images via Shutterstock, Twitter: @TheRealArkaiN, @Ripple

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