One of the biggest banks in Asia has just teamed up with RippleNet. CIMB Group is the fifth biggest bank in the ten-nation Association of Southeast Asian Nations, will use Ripple’s network of banks and financial institutions to power instant cross-border payments.
It’s worth noting that we are not financial advisors and this is not financial advice. Do your own investments based on your own research and remember to always trade safely.
As reported by Ripple, CIMB Group is one of the first banks to leverage blockchain technology in a region where payments have been known to be slow and efficient. They continue to say:
“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”
Zafrul Aziz, The CEO of CIMB believes that Ripple’s technology will basically change the way cross-border payments are made.
“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.”
Recent data which has been published remittances to Southeast Asia are projected reach $120 billion in 2018.
The network for the banking giant stretches over fifteen countries, with over 13 million customers and around 850 branches.
As reported by the Daily Hodl, in late October this year, the Department of Financial Services in New York gave a green light for XRP, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ethereum Classic on to go onto the platform which is designed to help bring Wall Street investors with deep pockets into the digital currency market.
If we look at the markets today we are only seeing the colour red! At the current time of writing the markets are in a massive slump with XRP being priced at $0.46 following an 8.32 percent decrease over the past 24 hours.
What are your thoughts? what could this mean for Ripple? Let us know what you think down below in the comments!