Malaysian lender CIMB has joined Ripple’s enterprise blockchain network RippleNet to facilitate instant cross-border payments across the ASEAN.
By becoming a member of RippleNet, the bank will gain access to other members of the blockchain network.
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In this context, the companies cited World Bank data that says that remittances to Southeast Asia will grow to $120bn in this year.
CIMB Group CEO Zafrul Aziz said: “This innovative blockchain solution will revolutionise 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.”
CIMB is currently using the Ripple solution for its SpeedSend remittance service. The RippleNet integration is already enabling money transfers to Australia, US, UK and Hong Kong.
The bank intends to expand the use of the solution in other areas later on.
Ripple CEO Brad Garlinghouse said: “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.”
