Leading Malaysian bank has partnered up with technology company Ripple to use its xCurrent technology in settling cross-border transactions.
Another One Joins the Ripple Train
CIMB Group Holdings, a leading Malaysian bank with over 1,000 branches across the region of Southeast Asia, has partnered up with technology firm Ripple.
According to a joint press release, the bank will be using Ripple’s xCurrent technology in its SpeedSend remittance product and will join Ripple’s network – RippleNet, which will facilitate the access to other members and will allow CIMB to further grow and improve its cross-border payment endeavors.
Speaking on the matter was Tengku Dato’ Sri Zafrul Aziz, CEO at CIMB Group, who noted:
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 revolutionise 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.
According to Ripple’s CEO, banks and other financial institutions are increasingly starting to lean towards blockchain technology because of its advantages:
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.
Indeed, Ripple seems to be adding more and more financial institutions to its RippleNet. Just a few days ago, Live Bitcoin News reported that the company has signed a Memorandum of Understanding (MOU) with Banco Bradesco S.A. to power up a new international payment corridor between Brazil and Japan.
In October, multinational commercial bank and financial services company Banco Santander said that it will be using RippleNet to settle the payments carried out through its OnePay FX platform.
What do you think of the increasing number of financial institutions using Ripple’s technology? Don’t hesitate to let us know in the comments below!
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