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CIMB Enters Ripple’s Cross-Border Payment Network

Malaysia’s lending giant CIMB Group Holdings Bhd has joined Ripple’s (XRP) transnational payments network, RippleNet, reported to Bloomberg on Nov. 15. CIMB’s $ 53.5 billion market value will integrate Ripple’s XCurrent product, a software solution to streamline international payments, for its SpeedSend shipping product. As Bloomberg informs, the CIMB product serves several markets in Southeast Asia, including the Philippines, Vietnam and Thailand.

As Bloomberg notes, Ripple is competing to outdo the gigantic money transfer company, SWIFT (Society for Worldwide Financial Interbank Financial Telecommunication), in the global cross-border payments industry. SWIFT’s website states that SWIFT currently serves more than 11,000 customers in 200 countries.

In an interview with Bloomberg at the Singapore Fintech Festival 2018 this week, Ripple CEO Brad Garlinghouse responded to the reporter’s question regarding rumors of a possible SWIFT partnership or even Ripple’s future acquisition, saying: “Swift is owned of banks, Ripple is here to help banks … what we are doing on a day-to-day basis is actually taking over SWIFT. We have already signed more than 100 banks, and some of the world’s largest banks with SWIFT now use Ripple technology. ”

Bloomberg cites World Bank data that the total value of global remittances is expected to rise to $ 642 billion this year, an increase of nearly 5 percent from $ 613 billion in 2017. Although XCurrent does not use native XRP of Ripple, the second has risen almost 77% in value in the last three months.

Strong asset growth occurs even as financial services and tech industry giants such as Standard Chartered (SC) and Ant Financial have been developing alternative block-based cross-border remittance solutions. Just two days ago, the largest Japanese holding and financial services company MUFG announced that it was also joining RippleNet to create a new international payment service for Brazil, while the network continues to gain traction with banks for shipping solutions around the world.

Source: Bitcoins Vision

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