CIMB Group Joins Ripple Net for instant cross-border payments

CIMB Group, one of ASEAN’s leading universal banking groups and Malaysia’s second largest financial services provider joins Ripple Net to enable fast and instant cross-border payments. This will allow CIMB to connect with other Ripple customers and to grow its global payments business.

CIMB is Malaysia’s first banks to leverage blockchain technology for speedy and cost-efficient international payments.

“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend”.

“The enhancement improves their access to cross-border remittances across the globe both inbound into ASEAN and outbound to other countries.”

“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,” said Brad Garlinghouse, Ripple CEO.

CIMB is headquartered in Kuala Lumpur. CIMB’s network already spans 15 countries, nearly 800 branches and offers Speedsend for cross-border payments.

Source: Ripple.com