The CIMB Group, which is headquartered in Kuala Lumpur and one of the largest banks in ASEAN (Association of Southeast Asian Nations), has partnered with Ripple to enhance instant cross-border payments across CIMB’s markets. The partnership involves CIMB joining RippleNet that consists of over 100 global banks and financial institutions.
On the other hand, CIMB group has a wide retail network of over 1,000 branches in the ASEAN region. The group operates under several entities which include CIMB Investment Bank, CIMB Bank, CIMB Islamic, CIMB Niaga, CIMB Securities International and CIMB Thai.
CIMB is one of the region’s first bank to embrace blockchain technology in a bid to increase the speed and efficiency of cross-border transactions in a region where such transactions have been traditionally slow. With the World Bank estimating the value of annual remittances to South East Asia to exceed $120 Million, CIMB group’s partnership with Ripple comes at an opportune time.
The CIMB Banking Group’s remittance product called SpeedSend is powered by Ripple technology. It allows customers to send and receive money with direct account deposits and also using the traditional cash collection at their various branches.
CIMB Group CEO, Tengku Dato’ Sri Zafrul Aziz, was very optimistic about the partnership and what the future held.
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.
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.
Ripple’s Brad Garlinghouse, explained why this partnership was vital for the ASEAN region.
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.
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.
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[Image courtesy of Ripple.com]