Thailand headquartered CIMB
announced plans to use RippleNet for cross-border payments. The bank is the fifth largest in the ASEAN and has a presence in 15 countries. According to Ripple, the ASEAN region represents 39% of the global remittance market. The World Bank estimates that South East Asia remittances will reach $120 billion this year.
RippleNet in many ways is a modern blockchain enabled version of SWIFT with far greater transparency and two way messaging. That makes remittances quicker particularly if there are issues which often delay a significant minority of cross-border payments while intermediate banks email queries back and forth. Using RippleNet does not require the use of a digital asset, only Ripple’s xRapid product requires that.
CIMB already has a proprietary remittance product called SpeedSend where the backend is being integrated with RippleNet for specific payment routes. It’s using the service for remittances to and from Australia, USA, UK and Hong Kong.
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