Ripple is in the headlines yet again with another big banking partnership.
Malaysian Banking Group CIMB, ASEAN’s (Association of Southeast Asian Nations) 5th largest bank with over 1,000 branches across Southeast Asia, has partnered up with the fintech giant Ripple.
This strategic partnership will enable CIMB to facilitate instant cross-border payments with the use of Ripple’s xCurrent technology. xCurrent will complement CIMB’s existing proprietary remittance system, SpeedSend, by expanding its payments network to countries around the world who use blockchain payment solutions.
As put by Ripple’s CEO, Brad Garlinghouse:
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.
Additionally, this partnership leads to CIMB joining RippleNet (Ripple’s Global Payments Network). Through RippleNet, CIMB will gain a connection with other Ripple customers and more than 100 financial institutions around the world. This could help catalyze the growth of CIMB’s global payments business more quickly.
The CEO at CIMB Group, Tengku Dato’ Sri Zafrul Aziz, had this to say about their partnership with Ripple:
We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities. This innovative blockchain solution will revolutionise international cross-border remittances, and is 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.
Ripple’s Increased Adoption
A year ago, news of Ripple partnering with a leading bank such as CIMB Group would have been considered massive. Today, however, it almost seems to be the norm.
Ripple has made an array of strategic partnerships with over 120 banks and financial institutions around the world. Such partnerships include PNC Bank, Santander Bank, SWIFT, AMEX, and much more.
Ripple continues to make headway in achieving their goal:
Enabling the world to move value like it moves information today
However, it’s important to note that athough Ripple has made all these partnerships, many of them are only “testing” Ripple’s technology and are not utilizing the XRP token.
Only time will tell if these strategic partnerships really do have a revolutionary impact on Ripple and XRP’s future.
What do you think of Ripple’s continuation of new partnerships? Do you think they will come to fruition and push the adoption of XRP? Let us know in the comment section below.
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