KUALA LUMPUR, Nov 15 (Bernama) – CIMB Group (CIMB) have partnered Ripple to enable instant cross border payments across its various markets and joins Ripple’s network (RippleNet) which will facilitate access to other RippleNet members and allow CIMB to grow its cross border payments business.
“This innovative blockchain solution will revolutionise international cross-border remittances and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN,” said Chief Executive Officer (CEO) of CIMB Group, Tengku Datuk Seri Zafrul Aziz.
CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets while Ripple provides one frictionless experience to send money globally using the power of blockchain.
CIMB also intends to extend the solution to other use cases across the Group. There is a growing demand for cross border payment solutions, with the World Bank projecting that remittances to Southeast Asia will grow to USD120 billion by the end of 2018, according to a statement from Ripple. (USD1 = RM4.19)
Meanwhile, Ripple CEO, Brad Garlinghouse said: “We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience.”
“By integrating Ripple’s blockchain technology, CIMB will enable their customers to send vital funds to family, friends and loved ones more efficiently. With its focus on innovation, the company will continue to be a dominant force in the region for years to come,” he added.
Ripple’s blockchain-based solution has been deployed to enhance Speedsend -- CIMB’s proprietary remittance product. This will expand CIMB’s Speedsend network and open new payment corridors to improve consumer access to cross-border remittances, both inbound into ASEAN and outbound to other countries.
-- BERNAMA
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