CIMB Group joins RippleNet to power instant payments across ASEAN
Another large bank to use Ripple’s blockchain-based solution. Source: shutterstock.com
ASEAN’s fifth largest bank CIMB Group and Ripple have entered into a strategic collaboration to enable instant cross-border payments across CIMB’s markets. On the back of this partnership, CIMB will join RippleNet and connect with other Ripple customers — more than a hundred financial institutions worldwide — a move that will allow CIMB to more quickly grow its global payments business.
CIMB is one of the region’s first banks to leverage blockchain technology for speedy and cost-efficient international payments.
The World Bank projects that this year alone remittances to Southeast Asia will grow to $120 billion. Additional data from The Boston Consulting Group suggests that the size of the global market for cross-border payments volume is $27 trillion, and another $20 trillion could be up for grabs between 2018-2026. Approximately 39% of this remittance market is centered in the ASEAN region.
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.
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