Malaysian banking group CIMB has joined Ripple’s blockchain-based payments network, RippleNet, seeking faster cross-border payments.

A strategic partnership between the firms addresses the need for “speedy and cost-efficient international payments” across the ASEAN (Association of Southeast Asian Nations) region, Ripple said Wednesday.

Specifically, Ripple’s blockchain-based solution has been deployed to expand CIMB’s existing proprietary remittance system, SpeedSend. The RippleNet integration is already facilitating “instant” remittances through corridors such as to Australia, USA, UK and Hong Kong, the bank stated.

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