CIMB Group is collaborating with Ripple’s blockchain payments network, RippleNet to enable instant cross-border payments across ASEAN (Association of Southeast Asian Nations).

The partnership will connect the Malaysian banking giant with hundreds of other Ripple customers that will help expand its global payments business.

CIMB is one of the first banks in Southeast Asia to use blockchain technology and the region is projected to grow to $120 billion according to the World Bank.

Additionally, Boston Consulting Group (BCG) estimates the size of the global cross-border payments market is worth $27 trillion, and a further $20 trillion is up for grabs between 2018-2026 with an approx 39% of this centered in the ASEAN region.

CIMB’s innovative Speedsend solution, now coupled with @Ripple’s #blockchain technology, is providing customers with improved access to cross-border remittances across the globe. https://t.co/c5n2VSSs5L — Ripple (@Ripple) November 15, 2018

Ripple has already deployed its blockchain-based solution to enhance CIMB’s proprietary remittance product SpeedSend.

This will improve cross-border remittances to customers enabling them to send and receive money with direct account crediting and instant cash collection across ASEAN and other countries. Speedsend is now live in Australia (in partnership with InstaReM, also a member of RippleNet), USA, UK, and Hong Kong.

Tengku Dato’ Sri Zafrul Aziz, CEO, CIMB Group says:

“We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities. 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.”

The partnership will also extend Ripple’s solution to other use cases across the CIMB Group.

Brad Garlinghouse, Ripple CEO says

“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. CIMB’s network already spans 15 countries, nearly 800 branches and offers Speedsend — one of the best solutions in the ASEAN region. Now, by integrating Ripple’s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently. With its focus on innovation, CIMB will continue to be a dominant force in the region for years to come.”

Blockmanity’s Take

Ripple has managed to collaborate with all major banks across the globe and will eliminate the need for SWIFT altogether. Ripple is on road to connect the entire world with its RippleNet technology.

Also Read:

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better