CIMB teams up with Ripple for instant cross-border payments

Corporate November 16, 2018 01:00


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CIMB Group and Ripple have entered into a strategic collaboration to enable instant cross-border payments over various markets. 

On the back of this partnership, CIMB will join Ripple’s network to facilitate access to other RippleNet members and allow CIMB to grow its cross-border payments business.

Ripple’s blockchain-based solution has been deployed to enhance Speedsend, CIMB’s proprietary remittance product. This will expand CIMB’s Speedsend network and open new payment corridors to improve consumer access to cross-border remittances, both inbound to the Asean bloc and outbound to other countries.

The solution is now live on Speedsend, enabling remittances via corridors such as Australia (in partnership with InstaReM, also a member of RippleNet), the US, the UK and Hong Kong.

“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,” said Zafrul Aziz, chief executive of CIMB Group. “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.”

As part of the overall partnership roadmap, CIMB intends to extend the solution to other use cases across the group. There is a growing demand for cross-border payment solutions, with the World Bank projecting that remittances to Southeast Asia will grow to US$120 billion (Bt3.95 trillion) by the end of 2018.

Meanwhile, Visa digital payments and watchmaker Garmin, in partnership with leading financial institutions, yesterday announced the launch of Garmin Pay, a new contactless payment feature on Garmin smartwatches. 

 Starting yesterday, customers of Kasikornbank, Krungthai Card and Siam Commercial Bank were able to add their Visa credit or debit card to their Garmin watches, while Bangkok Bank was in line to launch the same by first quarter 2019.

The feature offers a new cashless experience featuring seamless purchases through a growing number of merchants that accept the no-contact process. The emergence of this payment innovation and technology marks yet another milestone helping to transform Thailand into a less-cash society, said Suripong Tantiyanon, Visa country manager for Thailand.

Krairop Luang U-Thai, general manager of GIS, the authorised distributor of Garmin products in Thailand said Garmin Pay is the latest feature to be offered on their smartwatch.

The wearer can select the credit card they want to input to the watch and create a Garmin Pay Wallet by filling in the card information on the Garmin Connect application along with their passcode. Customers would then only have to place their wrist near a card reader that supports contactless payments in order to purchase goods and services.

Garmin Pay uses tokenisation offered by the global payment networks to secure users’ information. The tokenised data is saved in an isolated safety chip within the device so to keep sensitive data away from malware or viruses.

In addition to Thailand, Garmin Pay is also now available in 22 countries .