KUALA LUMPUR (Nov 15): CIMB Group Holdings Bhd has joined global payments network RipppleNet to enable instant cross border payments across its various markets.

Ripple’s blockchain-based solution has been deployed to expand CIMB’s proprietary remittance product Speedsend’s network and open new payment corridors to improve consumer access to cross-border remittances, both inbound into ASEAN and outbound to other countries.

In a statement today, CIMB Group CEO Tengku Dato’ Sri Zafrul Aziz said the innovative blockchain solution will revolutionise international cross-border remittances, and was a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN.

He said CIMB also intends to extend the solution to other use cases across the Group due to the growing demand for cross border payment solutions, as World Bank projects that remittances to Southeast Asia will grow to US$120 billion by the end of 2018.

“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,” said Ripple’s CEO Brad Garlinghouse.

He also added that CIMB’s network has spanned 15 countries and nearly 800 branches. The integration of Ripple’s blockchain technology will enable customers to send vital funds to family and friends more efficiently.

The blockchain-based solution is now live on Speedsend, enabling remittances via corridors such as Australia, who is also in with RippleNet’s member Instarem, USA, UK and Hong Kong.

At 10.50am, CIMB shares rose 1.82% or 10 sen to RM5.60 with 664,100 shares done.