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One of the UAE's oldest banks RAKBANK announced it has expanded its RAKMoneyTransfer (RMT) services into the Bangladeshi corridor by using RippleNet blockchain tech.

SCB Uses RippleNet to Send International Payments with Azimo

According to an official announcement, the Bank’s RMT service now facilitates transfers to Bank Asia accounts within minutes and to any other bank account in Bangladesh within 24 hours, and will be offered free to customers until June 30th.

The bank states it became possible thanks to RippleNet's technology.

"The secure RMT service uses Ripple’s blockchain platform and enables instant transfers at competitive rates with no hidden fees or deductions made by the beneficiary bank," the bank said in the statement.

Previously iHodl reported that Bitcoin Manipulation Abatement LLC filed a lawsuit against Ripple in a US federal district court accusing the company of misleading investors and selling XRP tokens as unregistered securities.

According to the lawsuit documents, which was filed on May 1 against Ripple Labs and its CEO Brad Garlinghouse, the company allegedly violated federal securities law by raising more than $1M by marketing and selling XRP tokens as unregistered securities.

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