CIMB Group to partner RippleNet for cross border payments

Lloyd Doyle
November 16, 2018

Malaysian banking group CIMB has joined Ripple's blockchain-based payments network, RippleNet, seeking faster cross-border payments. According to Aziz, "this new solution will completely revolutionize cross-border payments and remittances, while it will also help to improve CIMB's quick and cost-effective solutions".

Malaysia based CIMB Group has announced a new partnership with Ripple.

The CIMB Banking Group's remittance product called SpeedSend is powered by Ripple technology.

According to the World Bank, remittances in the region will grow to $120 billion this year. CIMB will allow its customers to use this service to send money anywhere in Malaysia, as well as to all other locations where SpeedSend has a presence.

Sri Zafrul Aziz, who heads CIMB also delivered his opinion on the occasion.

"This innovative blockchain solution will revolutionize global 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", commented Tengku Dato' Sri Zafrul Aziz, the CEO of CIMB Group. The ASEAN region is responsible for nearly 40% of this entire volume.


In a statement today, CIMB Group CEO Tengku Dato' Sri Zafrul Aziz said the innovative blockchain solution will revolutionise global cross-border remittances, and was 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.

There is a growing demand for cross-border payment solutions, with the World Bank projecting that remittances to Southeast Asia will grow to USD120 billion by the end of 2018.

We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other's strengths and capabilities.

CIMB already has its own remittance platform called SpeedSend so the partnership with Ripple is created to enhance that and further improve the speed and costs of cross border payments. The integration of Ripple's blockchain technology will enable customers to send vital funds to family and friends more efficiently.

Ripple is in the headlines yet again with another big banking partnership. Please let us know in the comment section below.

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