Malaysian lender CIMB has joined Ripple’s enterprise blockchain network RippleNet to facilitate instant cross-border payments across the ASEAN.

By becoming a member of RippleNet, the bank will gain access to other members of the blockchain network.

In this context, the companies cited World Bank data that says that remittances to Southeast Asia will grow to $120bn in this year.

CIMB Group CEO Zafrul Aziz said: “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.”

CIMB is currently using the Ripple solution for its SpeedSend remittance service. The RippleNet integration is already enabling money transfers to Australia, US, UK and Hong Kong.

The bank intends to expand the use of the solution in other areas later on.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ripple CEO Brad Garlinghouse said: “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.”