KUALA LUMPUR: CIMB Group Bhd and blockchain developer Ripple have teamed up to enable instant cross border payments across its various markets. 

In a sjoint statement issued on Thursday, CIMB will join Ripple’s network (RippleNet), which will allow access to other RippleNet members. This will enable CIMB to grow its cross border payments business. 

“Ripple’s blockchain-based solution has been deployed to enhance Speedsend, CIMB’s proprietary remittance product. 

“This will expand CIMB’s SpeedSend network and open new payment corridors to improve consumer access to cross-border remittances, both inbound into Asean and outbound to other countries,” they said. 

The solution is now live on Speedsend, enabling remittances via corridors such as Australia (in partnership with Instarem, also a member of RippleNet), the US, the UK and Hong Kong. 

Tengku DatukSeri Zafrul Aziz, CEO, CIMB Group said this innovative blockchain solution would revolutionise international cross-border remittances.

He said this was a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to its customers across Asean member countries.

CIMB intends to extend the solution to other use cases across the group. 

They said there is a growing demand for cross border payment solutions, with the World Bank projecting remittances to Southeast Asia will grow to US$120bil by the end of 2018.

Brad Garlinghouse, Ripple CEO 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.” 

By integrating Ripple’s blockchain technology, CIMB's customers will be able to send vital funds to family, friends and loved ones more efficiently.