CIMB TIES UP WITH RIPPLE
Move is part of bank’s efforts to enhance remittance services
CIMB Group Holdings Bhd and Ripple Labs Inc, a United Statesbased technology company, have entered into a strategic collaboration to enable instant cross-border payments across the banking groups various markets.
On the back of this partnership, CIMB will join Ripple’s network (RippleNet), which will facilitate access to other RippleNet members and allow CIMB to grow its cross-border payments business.
Ripple’s blockchain-based solution has been deployed to enhance Speedsend, CIMB’s proprietary remittance product.
This will expand CIMB’s SpeedSend network and open new payment corridors to improve consumer access to cross-border remittances, both inbound into Asean and outbound to other countries.
CIMB Group chief executive officer (CEO) Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the bank looked forward to a fruitful partnership with Ripple by leveraging each other’s strengths.
“This innovative blockchain solution will revolutionise 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,” he said yesterday.
The bank said there is growing demand for cross-border payment solutions, with the World Bank projecting that remittances to Southeast Asia, will grow to US$120 billion (RM502.90 billion) by end-2018.
Ripple CEO Brad Garlinghouse said 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.