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One of the biggest banks in Asia partners with Ripple for instant payments

15 Nov, 2018
by Colin Hawkins
News
One of the biggest banks in Asia partners with Ripple for instant payments

CIMB Group, one of the largest banks in Asia, is to join RippleNet and use Ripple’s network of banks and financial institutions to power instant cross-border payments, according to an official release by Team Ripple.

CIMB Group plan to make history with this partnership, as they are one of the few and first banks to use blockchain to speed up payments in a region where they are so slow and inefficient to begin with. By using RippleNet, CIMB plan to quickly grow their global payments business to new levels.

CIMB’s network currently spans 15 countries and 850 different branches. They serve 13.5 million customers throughout these locations.

Tengku Dato’ Sri Zafrul Aziz, the CEO of CIMB Group spoke on the newly formed partnership with Ripple:

“We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities. 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.”

Brad Garlinghouse, CEO of Ripple, in an interview spoke on the partnership between CIMB and Ripple. He also gave his thoughts on the field of blockchain and banking, and what the future holds for the customers of CIMB specifically:

“We’re seeing 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. 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.”

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