Malaysian Banking Group Partners With Ripple-CIMB, which is a Malaysian Banking Giant has decided to adopt the blockchain based payment system backed by Ripple.
Ripple’s blockchain payment services network ‘RippleNet’ has confirmed their partnership with CIMB. They both aim at providing cost-efficient and fast payments across international borders, especially across the ASEAN (Association of Southeast Asian Nations) region.
In addition to blockchain payment services, Ripple’s blockchain payment solutions are also aiming to provide the proprietary remittance system of CIMB a boost in terms of cost and efficiency. This is a very good move by CIMB considering the statement from the World Bank that the SouthEast Asian Countries will grow to about $120 Billion.
Malaysian Banking Group Partners With Ripple-CIMB is one of the region’s first banks to leverage blockchain technology for speedy and cost-efficient international payments. In a region where these payments have historically been both slow and inefficient, bringing better services has never been more important.
Speaking on this topic, Ripple’s CEO Brad Garlinghouse said:
“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 said that it also plans to increase the use cases for RippleNet across the SouthEast Asian Countries apart from the Philippines, Japan, Singapore, Thailand, and India.
The token that will be used by CIMB has not yet been revealed, and it is not easy to guess, because Ripple offers various tokens for payments including XRP.