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RippleNet is expanding its network of banks by adding Malaysia's CIMB group to its fold. CIMB is the fifth largest bank in ASEAN and will work with Ripple to guarantee immediate cross-border payments for CIMB markets.
RippleNet's customer base now comprises over a hundred global financial institutions, with which CIMB will be able to collaborate, facilitating global payments.
Despite being at the forefront of technological development, CIMB is one of the first banks in Southeast Asia to resort to blockchain for faster and easier payments. The partnership with RippleNet will allow the bank to transfer this benefit to its customers, many of whom currently live with slow and inefficient procedures.
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 an annual volume of 27 trillion dollars. It is a huge market in which CIMB can assert itself, considering that almost 40% of this is in the ASEAN region.
Blockchain based solution of RippleNet
CIMB will use the block-based solution of Ripple to improve the existing remittance service, SpeedSend. This service currently allows users to send and receive funds and includes features such as direct account credit and cash collection.
However, the integration of Ripple technology will mean that SpeedSend will not be limited to Malaysia but will facilitate payments throughout the ASEAN region. They will be able to send cross-border payments without problems.
The managing director of the CIMB group Tengku Dato, Sri Zafrul Aziz, said:
"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 commented on the partnership, saying:
"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 ".
CIMB is not limited to using RippleNet for its SpeedSend product, but intends to extend it to other use cases.
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