One of the largest banks in Asia joins RippleNet.
The CIMB Group, the fifth largest bank of the Association of Southeast Asian Nations (ASEAN), will use Ripple's network of banks and financial institutions to feed instant cross-border payments.
According to Ripple, CIMB is one of the first banks to exploit blockchain technology in a region where payments are historically slow and efficient.
"Ripple's blockchain-based solution was implemented to improve CIMB's proprietary remittance product called SpeedSend.This service allows customers to send and receive money with direct account credit and cash collection. their access to cross-border remittances worldwide – both entering ASEAN and outbound to other countries – is already allowing remittances to corridors such as Australia, United States, United Kingdom and Hong Kong. "
CIMB CEO Tengku Dato, Sri Zafrul Aziz, says that Ripple technology will radically transform the way cross-border payments are made.
"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."
According to World Bank data, remittances to Southeast Asia are expected to reach $ 120 billion in 2018.
The CIMB network covers 15 countries, with 850 branches and 13.5 million customers.
Meanwhile, XRP has been officially listed on Coinbase Custody, a platform designed to offer institutional investors a secure way to store large amounts of cryptocurrency.
At the end of last month, the New York Department of Financial Services approved XRP, Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Ethereum Classic on the platform, which was designed to help Wall Street investors to enter the cryptocurrency market.
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