CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,110.00
  • ethereum
    ETH$1,580.89
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Ripple’s New Partner: CIMB Malaysia Join’s Ripple’s Cross-Border Payments

    Ripple’s New Partner: CIMB Malaysia Join’s Ripple’s Cross-Border Payments

    Author: Ali Raza

    Last Updated Jan 21, 2021 @ 11:57

    TL;DR

    • Malaysia-based CIMB Group has announced a new partnership with Ripple.
    • The partnership will revolve around the use of Ripple’s xCurrent product, to improve and expand CIMB’s services in and beyond of ASEAN region.
    • However, this service agreement will not be using XRP cryptocurrency as of now.

    Malaysia-based CIMB Group, which is one of the largest banking groups and money lenders in the ASEAN (Association of Southeast Asian Nations) region, has just announced a new partnership with Ripple. The announcement states a strategic partnership between the parties while CIMB will get access to instant international payments, thanks to RippleNet.

    Ripple and CIMB partner up

    Ripple technology, in regards to cross-border payments, is sought after by numerous banks and financial institutions. Products like xCurrent and xRapid gained popularity lately as they allow nearly instant payment to be sent to any location where RippleNet exists.

    Following CIMB’s new partnership, Ripple will add Malaysia to their growing list of countries. Simultaneously, CIMB Group will use Ripple technology in order to improve its SpeedSend service. This service is similar to Western Union’s, and it was launched in 2011.

    However, while Ripple protocol is known for its association with its cryptocurrency XRP, its product xCurrent (which CIMB will be using) does not utilize the coin.

    cimb_bank
    CIMB Bank. Photo by Bloomberg

    Payment services slowly approaching blockchain technology

    The use of SpeedSend and similar services became quite popular due to their extended reach, quick service, and simplicity. CIMB will allow its customers to use this service to send money anywhere in Malaysia, as well as to all other locations where SpeedSend has a presence. Users will need to complete a simple form and present a verification ID in order to use the system.

    CIMB Group’s CEO, Tengku Dato’ Sri Zafrul Aziz, had recently stated that the company is “delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities.”

    According to Aziz, “this new solution will completely revolutionize cross-border payments and remittances, while it will also help to improve CIMB’s quick and cost-effective solutions.”

    Ripple’s CEO, Brad Garlinghouse, commented by saying that banks and other financial institutions have already developed an interest in blockchain and the different solutions that it offers. Due to blockchain technology, all payments are cheaper, more transparent, and a lot faster than they have ever been. While CIMB’s network and service already include around 800 branches in 15 countries, integrating Ripple’s blockchain will allow them to establish their presence even stronger, and provide the best solutions in the entire ASEAN region.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    Tags: Ripple
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Ali Raza
    More posts by this author

    Experienced in web journalism and marketing, Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of valuable publications. Contact Ali: LinkedIn

  • bitcoin
    BTC$23,110.00
  • ethereum
    ETH$1,580.89
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!