Malaysian Banking Group CIMB Uses Ripple For Blockchain Remittances
Ripple News: Marking another landmark of its ever-increasing list of adoption goals, RippleNet, the blockchain-based payments network by Ripple is joined by CIMB, Malaysian banking group to avail faster cross-border payments.
Ripple announced the same on Wednesday and stated that the partnership is aimed to enable “speedy and cost-efficient international payments” for across the ASEAN (Association of Southeast Asian Nations) region, Ripple. Simply putting, CIMB has deployed Ripple’s blockchain-based solution to enhance its existing proprietary remittance system, SpeedSend.
The bank stated, that the RippleNet integration has facilitated them “instant” remittances through corridors such as to Australia, USA, UK and Hong Kong, already. According to its website, SpeedSend currently serves individuals remitting to a number of predominantly Asian countries, including the Philippines, Singapore, Japan, Thailand and India. CIMB plans to extend the Ripple’s solution to other use cases across the group.
Ripple’s 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.”
Ripple has multiple payments solutions in its armour, that utilizes XRP crypto token, the platform did not reveal the solution CIMB has adopted. According to World Bank projections, remittances to Southeast Asia will grow to $120 billion by the end of 2018, while global remittances are expected to grow at $642 billion.
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