RAKBANK offers customers the facility to remit money instantly to Sri Lanka using Blockchain

In line with RAKBANK’s strategy to strengthen its cross border payment solutions, the Bank signed an agreement with Sri Lanka’s Cargills Bank. Further leveraging the partnership with Ripple, RAKBANK’s RAKMoneyTransfer (RMT) services enables customers to make instant, frictionless, and secure money transfer services to Sri Lanka’s Cargills Bank via blockchain using Ripple platform.

Furthermore, the Bank’s customers have the flexibility to use their RAKBANK credit cards to remit money at competitive rates, with no hidden fees and a 55-day interest-free credit period. In addition, the live retail remittance payments from RAKBANK to Cargills Bank and other banks in Sri Lanka reach their destination account instantly with end-toend visibility over the journey of the payment.

Peter England, RAKBANK CEO, said: “We, at RAKBANK, constantly focus on aligning our offerings through strategic partnerships to increase our remittance footprint on a global scale by optimizing the Ripple platform and network that we have at hand. The Bank is delighted to have partnered with Cargills Bank to extend its RMT services into Sri Lanka with the aim of offering the Sri Lankan expat community here in the UAE the ability to safely and instantly remit money back home.”

Rajendra Theagarajah, Managing Director/CEO of Cargills Bank Limited, said: “We are delighted to partner with RippleNet and RAKBANK as a part of our drive to strengthen bank's remittance service. Our goal is to make life easy for beneficiaries by having a 370+ Cargills Food City supermarket network to access their account or for cash pick-up. We are confident that this partnership would add value to Sri Lankan citizens across the globe.”

Navin Gupta, Managing Director, South Asia and MENA at Ripple, said: “As members of RippleNet, RAKBANK and Cargills Bank understand the need for quicker, more efficient payments. Now, Sri Lankan expats in UAE can get money back to their families and friends in a way they never could before. This is the next generation of payments, and we are happy to have a network full of forward thinking institutions like RAKBANK and Cargills Bank.”