Malaysia’s banking group CIMB has signed an agreement with US-based startup Ripple with the goal to develop a blockchain-driven remittance platform for the South East Asian region. Distributed ledger technology (DLT) will help CIMB expand its market share across ASEAN by offering more accessible and competitive services, Ripple CEO Brad Garlinghouse said in press release on Wednesday.

CIMB, which is active in fifteen countries including Malaysia, Singapore, Cambodia, and Thailand, will implement Ripple’s blockchain in its current remittance product, dubbed SpeedSend. The bank wants to resolve some of the existing problems in the ASEAN market with DLT solutions: mainly the slow, expensive and inefficient settlement process. According to the World Bank’s latest

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