Ripple, the world’s leading money technology channel, today announced that it has added another partner to its list. CIMB, the fifth largest banking group in the ASEAN region, has chosen to promote the cross-border payments sector in support of the CIMB market.
Through the partnership between CIMB and RippleNet, the bank can connect with RippleNet users to make their joint efforts. According to Ripple, this will help the bank broaden its horizons to the many institutions that use the technology and services of the blockchain company.
The company said the ASEAN region accounted for nearly 40 percent of the repayment market. Ripple so mentioned:
“Additional data from The Boston Consulting Group (BCG) suggests that the size of global market for cross-border payments volume is $27 trillion, and another $20 trillion could be up for grabs between 2018-2026”
Referring to the association, Brad Garlinghouse, Executive Director of Ripple, said the CIMB operates in fifteen countries and has about 800 branches. The company also offers SpeedSend, an important tool for instant cross-border payment systems. Garlinghouse said SpeedSend was “one of the best solutions in the ASEAN region”.
Sri Zafrul Aziz, head of the CIMB, so commented on the occasion. He said the innovation of the blockchain solution would open a revolutionary path for cross-border money transfers. The CEO of CIMB said that this collaboration was also a recognition of the bank’s efforts to make digital progress in the payments sector.
Dilip Rao, Global Director of Infrastructure Innovation at Ripple, so said on Twitter:
“This is a great win for @Ripple and #RippleNet members – @CIMBMalaysia is a leading #ASEAN bank with a footprint they can leverage as a regional correspondent for incoming payments from USA/Europe!”
TheFist, a Twitter user and enthusiast of cryptocurrency and blockchain, commented on the status of the XRP market:
“Makes zero sense. Only thing I can figure is Jeb sold off big chunks of his allotted xrp. Alone with following the btc price. No clue why xrp is tied to btc price fluctuations.”
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