Asian CIMB Group partnered with Ripple to accelerate international payments

The CIMB Group main Bank of Malaysia has joined Ripple to use its xCurrent technology in accelerating international payments according to Bloomberg's report on Nov. 15.

The CIMB Group Holdings main Bank in Malaysia is one of the largest ASEAN banks or association of Southeast Asian Nations including the Philippines, Thailand and Vietnam, has more than 1000 branches and has a capitalization of $53500 Millions on the market, you will use Ripple's XCurrent product for your SpeedSend remittance product, with that software expediting your international payments.

With this Ripple would be competing with Swift (Society for Worldwide Interbank Financial Telecommunication) to overcome it in the international payments industry, Swift currently serves more than 11 000 customers in 200 countries globally.

Ripple CEO Brad Garlinghouse mentions that they have already captured more than 100 banks and some of the world's largest banks using SWIFT are now using ripple technology, in turn Bloomberg said that according to the World Bank the total value of remittances Worldwide will increase to $642 billion in this year which according to these figures would be 5% more than the previous year 2017 which was $613 billion.

To be aware that while XCurrent does not use the Ripple XRP token this was shot up to 77% in the last three months and only just two days ago the MUFG a major bank of Japan and Financial services company mentioned that would also join RippleNet for create a new international payments service to Brazil.

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