CIMB Group, one of Asia’s largest banks, is joining RippleNet.
CIMB Group is in the top five banks by size in the ten-country Association of Southeast Asian Nations (ASEAN). It will utilise Ripple’s network of financial institutions and banks to facilitate immediate cross-border payments.
As per Ripple, CIMB is a pioneer when it comes to leveraging blockchain technology in a part of the world where payments are known to be slow and lacking in efficiency.
“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”
Tengku Data Sri Zafrul Aziz, the Chief Executive Officer of CIMB says that the technology offered by Ripple will completely change the way cross-border payments are made.
“This innovative blockchain solution will revolutionize 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.”
Payments to Southeast Asia are predicted to reach $120 billion by the end of this year as per information from World Bank. CIMB’s network covers 15 countries with close to 1000 branches and 13.5 million customers. Another significant piece of news is that XRP has been officially listed on Coinbase Custody which is a platform that provides institutional investors with a safe way to store significant amounts of digital assets.
Last month New York’s Department of Financial Services gave its approval for XRP, BTC, LTC, BCH, ETH and ETC on its platform which is built to aid bringing Wall Street investors will deep pockets into the digital asset market.