CIMB Group, the fifth largest banking financial institution in ASEAN is joining Ripple’s network of financial institutions, RippleNet. The “strategic collaboration” will help the bank process instant global cross-border overseas payments on the Ripple’s blockchain ecosystem. Furthermore, this would also help the banking giant accrue customers from the Ripple’s networks.
ASEAN is the Association of Southeast Asian Nations, a regional intergovernmental organization consisting of ten of the most influential Southeast Asian countries. ASEAN consists of Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Myanmar, Cambodia, Brunei, and Laos.
More about CIMB Group joining RippleNet
Ripple made the announcement on their official Twitter handle and their official blog. They tweeted: “CIMB’s innovative Speedsend solution, now coupled with @Ripple’s #blockchain technology, is providing customers with improved access to cross-border remittances across the globe.”
RippleNet now consists of more than a hundred various financial institutions, groups, and giants globally. With Ripple, the CIMB Group can easily leverage the crypto firm’s technology to process instant payments. Furthermore, the payments are also trackable, secure, seamless and instant even for cross-border overseas transactions.
The banking giant is using Ripple’s blockchain ecosystems to further improve their native remittance product, Speedsend. Furthermore, it allows the customers of the banking group to send and receive money instantly, even in cash, with instant account crediting directly. Moreover, the technology is already helping process transactions in the ASEAN countries along with some other prominent countries. These include Hong Kong, the United States, the United Kingdom, and Australia.
Brad Garlinghouse, the Chief Executive Officer of the Ripple Foundation stated this. “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“.
Tengku Dato’ Sri Zafrul Aziz, the Chief Executive Officer of the CIMB group stated this. “We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple. It’ll be by leveraging each other’s strengths and capabilities.“.
