One of the biggest banks in Asia is joining RippleNet.
CIMB Group, the fifth largest bank in the ten-nation Association of Southeast Asian Nations (ASEAN), will use Ripple’s network of banks and financial institutions to power instant cross-border payments.
According to Ripple, CIMB is one of the first banks to leverage blockchain technology in a region where payments are historically slow and efficient.
“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 says Ripple’s technology will fundamentally transform how cross-border payments are made.
“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.”
According to data from the World Bank, remittances to Southeast Asia are projected to reach $120 billion in 2018.
CIMB’s network spans 15 countries, with 850 branches and 13.5 million customers.
Meanwhile, XRP has officially been listed on Coinbase Custody, a platform designed to give institutional investors a secure way to store large amounts of cryptocurrency.
Late last month, New York’s Department of Financial Services approved XRP, Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Ethereum Classic on the platform, which is designed to help bring Wall Street investors with deep pockets into the cryptocurrency market.