RippleNet is expanding its network of banks by adding Malaysia’s CIMB Group to its fold. CIMB is the ASEAN’s fifth-largest bank and will team up with Ripple to work on enabling instant cross-border payments for CIMB’s markets. RippleNet’s customer base now constitutes over a hundred global financial institutions, which CIMB will be able to partner with, facilitating global payments.
Despite being on the cutting-edge of technological development, CIMB is one of Southeast Asia’s first banks to turn to the blockchain for faster, easier payments. Partnering with RippleNet will allow the bank to pass on this benefit to its customers, many of whom currently live with slow and inefficient procedures.
World Bank figures place the value of remittances to Southeast Asia at a massive $120 billion in 2018. But the size of the global market for cross-border payments is even bigger, with Boston Consulting Group (BCG) estimating an annual volume of $27 trillion. This is a massive market for CIMB to gain a foothold in, considering that almost 40 percent of this is in the ASEAN region.