CIMB joins RippleNet to power instant payments across Asean
Published on: Friday, November 16, 2018
Kuala Lumpur: CIMB Group Holdings Bhd and Ripple Labs Inc., a US-based technology company, have entered into a strategic collaboration to enable instant cross-border payments across its various markets. On the back of this partnership, CIMB will join Ripple's network (RippleNet), which will facilitate access to other RippleNet members and allow CIMB to grow its cross-border payments business.Ripple's blockchain-based solution has been deployed to enhance Speedsend, CIMB's proprietary remittance product.
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This will expand CIMB's SpeedSend network and open new payment corridors to improve consumer access to cross-border remittances, both inbound into Asean and outbound to other countries. CIMB Group Chief Executive Officer (CEO) Tengku Datuk Seri Zafrul Aziz said the bank looked forward to a fruitful partnership with Ripple by leveraging on each other's strengths and capabilities. Stay up-to-date by following Daily Express’s Telegram channel.
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