On November 15th, the largest Malaysian lender, CIMB Group Holdings Bhd. announced their partnership with blockchain technology firm Ripple to build the cross-border payments network.
As such, according to the press release that is jointly published by both parties, CIMB will apply the technology of Ripple to their remittance product named SpeedSend, which is available in myriad Southeast Asian markets such as the Philippines, Vietnam and Thailand.
Recently, the technology underlying cryptocurrencies has been increasingly experimented by the financial services sector. Earlier this year, Ant Financial and Standard Chartered Plc had released a blockchain-based remittance system between Hong Kong and the Philippines.
Ripple, which owns more than 100 banks and payment providers on its RippleNet network, is ambitious in competing with wants to compete with the Society for Worldwide Interbank Financial Telecommunication (Swift) in international money transfers. However, it is a long way to catch up to the incumbent, which has ownership of more than 11,000 customers in many countries.
According to The World Bank, the total value of global remittances is projected to increase from $613 billion to $642 billion in 2018.
Ripple is also associated with the cryptocurrency XRP. Cryptocurrencies have stumbled substantial declines this year, amid rises in global regulatory scrutiny and shortages of broad mainstream adoption.
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