Ripple, the leading blockchain remittance company in the FinTech sector, announced today that it has added another partner to its list. CIMB, which is the fifth largest banking group in the ASEAN region, has chosen to work with Ripple to advance the cross-border payments industry to support the CIMB market.
The partnership between CIMB and RippleNet will allow the bank to connect with RippleNet users to continue joint efforts. According to Ripple, this will help the bank extend its horizons to the many institutions that use the technology and services provided by the blockchain company.
The company stated that the ASEAN region includes almost 40% of the remittance market. Ripple also mentioned:
"Further data from the Boston Consulting Group (BCG) suggest that the global market size for cross-border payment volume is 27 trillion dollars, and another 20 trillion dollars could be put up for grabs between 2018-2026"
Regarding the partnership, Brad Garlinghouse, Ripple CEO, said that CIMB is present in over fifteen countries with almost 800 branches. The company also offers a product called SpeedSend, which is an important tool in instant cross-border payment systems. Garlinghouse declared SpeedSend as "one of the best solutions in the ASEAN region".
Sri Zafrul Aziz, who heads the CIMB, also expressed his opinion on the occasion. He said that the innovation of blockchain solutions will lead to a revolutionary path for cross-border remittances. The CIMB CEO has established that the collaboration is also a recognition of the efforts made by the bank to digitally advance the payments industry.
Ripple's Global Head, Infrastructure Innovation, Dilip Rao on his Twitter also expressed:
"This is a big win for members @Ripple and #RippleNet – @CIMBMalaysia is a #ASEAN leading bank with a footprint that can be used as a regional correspondent for incoming payments from the US / Europe!"
TheFist, a Twitter user and a cryptocurrency and a blockchain enthusiast commented on the market status of XRP and stated:
"It makes no sense.The only thing I can imagine is that Jeb sold big pieces of his assigned xrp, only with the following BTC price, no clue as to why xrp is related to the price fluctuations of BTC."
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