CIMB Group, one of the largest banks in Asia is accompanying RippleNet. CIMB Group is the fifth biggest bank in the ASEAN (Association of Southeast Asian Nations), which is a ten-nation association. This bank will reportedly use Ripple’s association of financial institutions and banks to power quick cross-border payments. According to Ripple, CIMB Group is one of the initial banks to influence blockchain technology in a constituency where payments are traditionally slow and efficient.
Ripple’s blockchain technology has been arranged to amplify CIMB’s proprietary remittance solution called as “SpeedSend.” This service permits consumers to send and receive currency with straight account crediting and quick cash collection. The development advances their right of entry worldwide to cross-border remittances by both inward into ASEAN and outward to other countries. It is already allowing remittances to corridors like US, UK, Australia, and Hong Kong. Zafrul Aziz—CEO of CIMB Group—says that Ripple’s technology will primarily change how cross-border payments are done. He further added that this innovative blockchain solution is a testament to the bank’s constant efforts to improve its digital banking proposition by offering instant and cost-efficient results to its customers across ASEAN. In line with information from the World Bank, remittances are expected to reach $120 Billion in 2018, in Southeast Asia.
Recently, Ripple was also in news as there was a price spike in cryptocurrency after its CEO called for the global framework and bashing Bitcoin. Ripple has spiked by 4% recently, once again earning ground on Ethereum and after Brad Garlinghouse—Ripple’s CEO—called for a “global framework” for deposits and bashed Bitcoin for its failure. Garlinghouse stated to Bloomberg that Ripple is “fixing a cross-border payments issue” and that the worth of whichever digital asset will be “on the basis of its own ability to resolve problems.”