Asian Banking Giant is Joining RippleNet

CIMB Group, a Malaysian universal bank headquartered in Kuala Lumpur and
the fifth largest bank in the ten-nation Association of Southeast Asian Nations
(ASEAN), has announced that they are adopting Ripple’s enterprise solution.
Ripple and CIMB have created a strategic partnership to enable instant cross-
border payments across CIMB’s markets.
Ripple’s solution package is a boon to Southeast Asian nations. CIMB’s move
into blockchain technology will alleviate the current cross-border financial
transfers that as Ripple states “historically slow and inefficient”.

It’s been forecasted by the World Bank that the remittance in CIMB’s region
will most likely reach $120 billion. As foreign labor continues to be a major
export for the Southeast Asian nations, the remittance will only increase.
CIMB’s network extends to 15 countries, supporting 13.5 million customers.
Ripple’s announcement included that CIMB’s SpeedSend will be enhanced
with its services:

“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s
proprietary remittance product called SpeedSend. This service allows
customers to send and receive money with direct account crediting and
instant cash collection. The enhancement improves their access to cross-
border remittances across the globe — both inbound into ASEAN and
outbound to other countries. It is already enabling remittances to corridors
such as Australia, USA, UK and Hong Kong.”

The CEO of CIMB Tengku Dato’ Sri Zafrul Aziz is excited by Ripple’s
enterprise solution, claiming that it has changed the landscape of cross-border
remittance:

“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.”