CIMB Partners With Ripple For Cross-border Payments
November 19, 2018 12:51 pm
On November 15, 2018, CIMB Group and Ripple partnered to enable instant cross-border payments across various markets. Through the partnership, CIMB will be joining Ripple’s network named “RippleNet” which will provide access to other members and help CIMB to grow its cross-border payments business.
Ripple’s blockchain-based solution has been used to improve CIMB’s exclusive remittance product Speedsend. This would expand CIMB’s SpeedSend network and unveil a new payment option to enhance consumer access to cross-border remittances. The new platform is now live on Speedsend allowing remittances via Australia, USA, UK, and Hong Kong.
Tengku Dato’ Sri Zafrul Aziz, CEO of CIMB Group shared his opinion about the partnership. He said that he is delighted to be part of RippleNet and looks forward to leveraging each other’s strengths and capabilities.
The CEO added:
“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.”
Though the partnership, CIMB aims to extend the solution to other use cases around the globe. These days there is a massive demand for cross-border payment solutions.
Brad Garlinghouse, Ripple’s CEO also spoke about the collaboration with the CIMB Group. Mr. Garlinghouse said that his firm sees banks and financial institutions adopting blockchain solutions as it allows transparent, faster and lower cost payments experience.
The Ripple’s CEO added that CIMB’s network already provides service to 15 countries through 800 branches that offer Speedsend. By integrating Ripple’s blockchain technology, CIMB will allow its customers to send vital funds to family, friends and loved ones more efficiently.