In a bid to expand its outreach, global payments network, RippleNet has included Malaysia’s Commerce International Merchant Bankers (CIMB) Group to its network of existing banks. This partnership will facilitate instant cross-border payments for CIMB’s markets.
Headquartered in Kuala Lumpur, CIMB Group is an indigenous ASEAN investment bank.
RippleNet offers a frictionless experience while sending money globally. Using the most advanced blockchain technology in global payments, RippleNet connects and enables quick and smooth transaction across its robust network of 100+ banks and payment providers worldwide.
With this initiative, CIMB becomes one of Southeast Asia’s first banks to adopt blockchain technology for faster and smoother payment procedures. CIMB will use Ripple’s blockchain-based solution to enrich its various products and services, one among them being the existing remittance service, SpeedSend. This service currently allows customers to send and receive money. Its features include direct account credit and instant cash collection.
The unique integration of Ripple’s technology with the CIMB ecosystem will broaden SpeedSend’s scope by facilitating payments throughout the ASEAN region instead of being limited to Malaysia. This will ensure hassle-free cross-border payments.
On the development, Tengku Dato’ Sri Zafrul Aziz, CEO of CIMB Group remarked,
“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.”
Meanwhile, Brad Garlinghouse, CEO of Ripple added,
“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.”