Ripple is ready for a grand debut in Malaysia, as it welcomes the CIMB Group Holdings Bhd of the country's highest weight in its cross-border payment system. By joining RippleNet, CIMB brings with it a market capitalization of $ 53.5 billion. In addition, the financial solution of the "SpeedSend" institute serves various large markets in Southeast Asia, including Vietnam, the Philippines and Thailand. This means that CIMB's use of Ripple's XCurrent payment solution will resonate across the region.
No collaboration with SWIFT
This development comes as Ripple continues to gain a lot of traction in the global market. However, the company has rejected speculation that it intends to sign a partnership with SWIFT. Speaking at the Singapore Fintech Festival 2018, Ripple's CEO told Bloomberg that none of this is actually on the table. If anything, the goal of Ripple is to replace SWIFT.
At the moment, SWIFT has about 11,000 banks on its network. Ripple has more than 100 customers and is making huge strides in wooing more. In fact, some of the world's largest banks like Santander and Standard Chattered who have been using SWIFT are now sailing to join Ripple's RippleNet. RippleNet offers a fast and secure cross-border payment solution with minimal transaction costs, and this is something that many financial institutions find very attractive.
Volume of global trade to increase
According to data obtained by the World Bank, it is expected that the total value of global remittances will reach $ 642 billion by the end of this year. This is a 5% increase compared to $ 613 billion in 2017.
XRP is the native cryptocurrency used on RippleNet as a base currency for fast funds transfers. Although some products like XCurrent do not use XRP, cryptocurrency has had a positive impact as Ripple expands its customer base worldwide. Just a few days ago, Ripple reached another big customer: the Japanese bank of MUFG.