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Ripple scores another industry player to its side; collaboration with CIMB announced

Priyamvada Singh



Ripple scores another industry player to its side; collaboration with CIMB announced
Source: Pixabay

Ripple, the leading blockchain remittance firm in the FinTech industry, announced today that it has added one more partner to its list. CIMB, which is the fifth-largest banking group in the ASEAN region, has chosen to collaborate with Ripple to advance the cross-border payments sector to support CIMB’s market.

The partnership between CIMB and RippleNet will allow the bank to connect with RippleNet users to take the joint efforts forward. According to Ripple, this will help the bank extend its horizons to the many institutions that utilize the technology and services provided by the blockchain company.

The company stated that the ASEAN region comprises of almost 40% of the remittance market. Ripple also 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”

Regarding the partnership, Brad Garlinghouse, the Chief Executive Officer of Ripple, said that CIMB is panned across fifteen countries with nearly 800 branches. The company also offers a product called SpeedSend, which is a major tool in instant cross-border payment systems. Garlinghouse stated SpeedSend as “one of the best solutions in the ASEAN region”.

Sri Zafrul Aziz, who heads CIMB also delivered his opinion on the occasion. He stated that the innovation of blockchain solutions will lead to a revolutionary path for cross-border remittance. The CEO of CIMB established that the collaboration is also an acknowledgment of the efforts put by the bank in advancing the payment sector digitally.

The Global Head, Infrastructure Innovation at Ripple, Dilip Rao on his Twitter also expressed:

“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 a cryptocurrency and blockchain enthusiast commented on the market status of XRP and stated:

“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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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.