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RAKBANK announced the signing of an agreement with C3, a Prepaid Card Service Provider, in order to provide C3 with a BIN sponsorship on their prepaid cards to strengthen the C3 payroll offering. With this partnership, UAE based companies will be able to provide immediate salary transfers to their blue-collared workers on the C3 prepaid payroll card. This enables RAKBANK to offer payroll solutions for both banked and unbanked employees and companies, thus promoting financial inclusion and opening up new market space for the Bank.
Moreover, the partnership facilitates that C3 prepaid payroll cardholders are able to instantly transfer money to select Asian countries* with RAKBANK’s Award winning** RAKMoneyTransfer remittance service conveniently using the C3 digital mobile application on their Smartphones. In addition, C3 prepaid payroll cardholders are offered loans and other value added services from RAKBANK.
The agreement was recently signed at the Seamless Payment exhibition in Dubai World Trade Centre. Peter England, RAKBANK Chief Executive Officer, and Marwan Hachem, Edenred Managing Director of Africa and Middle East, along with other top management from RAKBANK, Edenred, C3, and Prepay solutions, attended the signing ceremony.
Commenting on the signing, RAKBANK CEO Peter England said: “The partnership with C3 is in line with RAKBANK’s commitment to offer a more holistic banking experience by providing an entry into the UAE’s blue-collared payroll schemes. The Bank has always been at the forefront of a well-defined segmentation strategy to deliver a diverse selection of products & services. If you take a look at RAKBANK’s cards portfolio, you will notice that our vast selection of cards ranging from prepaid, debit and credit cards all provide unique features and benefits that are customized to each income segment.”
* India, Philippines, Nepal and Sri Lanka
**Remittance Product of the Year in the Middle East by The Asian Banker
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About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
© Press Release 2017
