Malaysia's CIMB bank has become a member of the payment network RippleNet striving to boost cross-border payments.
As Ripple said in its press release on Wednesday, the RipplNet blockchain solution is expected to help Malaysian bank to expand its "proprietary remittance product SpeedSend". With this agreement, the companies will become able to improve the situation with the payments which used to be slow in SE Asia and provide regional clients with fast and cost-effective international transactions.
CIMB representative stated that with this payment network the company will start offering prompt money transfers on such routes as UK, USA, Australia and Hong Kong. In the long run, the bank intends to launch this system on other routes too.
“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,” commented Ripple.
As the press release reads, money transfers in SE Asia are expected to reach $120 billion in total by the end of the year, with worldwide transfers to amount to $642 billion.