RAKBANK and BDO Unibank of Dubai will accelerate remittances to the Philippines through Ripple
RAKBANK joined BDO, a full-service bank in the Philippines, to expand its activity in the region. The Dubai-based institution already has a footprint in the country and is part of the RippleNet ecosystem.
Through the RakMoneyTransfer (RMT) service, the bank aims to extend fast, secure, friction-free and low-cost payments to any bank account in the Philippines. Getting access to a local bank also solves the problem of the last mile of money transfers.
«We, at RAKBANK, are committed to increasing our international remittance footprint and are delighted to improve our RMT services in the Philippines, thanks to our partnership with BDO. This association aims to offer the Filipino expatriate community here in the United Arab Emirates the ability to send money safely and instantly to their country at competitive prices with zero final charges and no hidden charges, ”said Peter England, CEO of RAKBANK
RippleNet already serves as a growing network of banks and financial institutions, including MoneyGram and other local fintech money transfer companies. For now, the use of RippleNet can be achieved without the need for the XRP asset. In this sense, the network has demonstrated its ability to compete with other interbank networks such as SWIFT.
The use cases for XRP are actually limited
However, the potential use of RippleNet has not generated a significant demand for XRP. The asset has fluctuated around $ 0.23, after not being able to break the $ 0.30 barrier. Extreme predictions for XRP are a use case in which banks use the asset for remittances and transfers, increasing their price.
For now, XRP has only managed to achieve speculative trade, with volumes that doubled to their usual level in early 2020. XRP is still considered a commitment to a potentially significant appreciation in the future.
If you do not buy #XRP now – you simply hate money and I cannot say anything else. pic.twitter.com/VonFF76P3D
– Magic ^ ArKaiN (@TheRealArkaiN) February 25, 2020
At the same time, the influence of Ripple Inc. grows, as the San Francisco-based company visualizes its public offering 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 combination of traditional and innovative methods for money transfers.
With the help of Ripple, Sentbe provides a faster, low cost and convenient way for people to send money home to their families across Southeast Asia. https://t.co/j0ZqCqi0dI pic.twitter.com/GGIHiO0MeB
– Ripple (@Ripple) February 27, 2020
Despite skepticism, Ripple continues in its expansion campaign, accumulating a larger club of financial institutions. The other factor for the prominence of the project is the large and dedicated community of XRP owners.
