Malaysia’s Banking Group CIMB Will Cooperate With Ripple

CIMB, Malaysia’s group of banks, signed an agreement with Ripple to develop a blockchain-driven remittance platform. DLT technology will help to promote banks in the South East Asian region and will offer more convenient services, according to the press release made by Ripple CEO Brad Garlinghouse.

The bank strives for resolving urgent problems in the system by implementing Ripple’s blockchain. The problems mainly refer to slow and quite expensive settlement process.

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.”

He also added:

“Now, by integrating Ripple’s blockchain technology, [CIMB] will enable their customers to send vital funds to family, friends and loved ones more efficiently.”

They also decided that CIMB would go over its system and analyse the possibility to implement Ripple’s DLT in other spheres.

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