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RippleNet is expanding its network once again adding the Malaysia CIMB Group to its fold. The group is the fifth largest bank in Southeast Asia and will work with Ripple to work on the implementation of instant cross-border payments for CIMB markets.
The RippleNet customer base will now comprise over a hundred global financial institutions to which CIMB will be able to collaborate, facilitating global payments.
Even though it is on the margins of technological development, CIMB is one of the first banks in Southeast Asia to look for blockchain for easier and faster payments. By collaborating with RippleNet, this will allow the bank to transfer this benefit to its customers, many of whom currently live with slow and inefficient procedures.
As reported by CCN:
"World Bank figures place the value of remittances in Southeast Asia to $ 120 billion in 2018. But the global market size for cross-border payments is even larger, with Boston Consulting Group (BCG) estimating a volume annual $ 27 trillion.This is a huge market for CIMB in which to take hold, considering that almost 40% of this is in the ASEAN region. "
The banking group will start using Ripple's blockchain-based solution to improve the existing remittance service, SpeedSend. With this service, users are able to send and receive funds and include features such as direct account credit and cash collection.
However, with the incorporation of Ripple technology, this will mean that SpeedSend will not be limited to Malaysia, but will also facilitate payments across the ASEAN region. They will be able to send cross-border payments without problems.
Tengku Dato Sri Zafrul Aziz, the CEO of the CIMB group, stated that:
"This innovative blockchain solution will revolutionize cross-border international remittances and is a testament to CIMB's ongoing efforts to improve its digital banking offering by providing fast and cost-effective solutions to our customers throughout ASEAN."
Ripple's CEO, Brad Garlinghouse, also spoke about the two who joined:
"The CIMB network already covers 15 countries, almost 800 branches, and offers SpeedSend, one of the best solutions in the ASEAN region, now integrating Ripple's blockchain technology will allow their customers to send vital funds to family members, friends and loved ones more efficiently ".
Although CIMB does not just use RippleNet for its SpeedSend project, it also tries to implement other use cases.
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