The $53.5 billion market cap CIMB will integrate Ripple’s XCurrent product, a software solution for expediting cross-border payments, for its “SpeedSend” remittance product. As Bloomberg reports, CIMB’s product serves multiple Southeast Asian markets, including the Philippines, Vietnam and Thailand.
As Bloomberg notes, Ripple is vying to outstrip incumbent money transfer giant SWIFT (Society for Worldwide Interbank Financial Telecommunication) in the global cross-border payments industry. The latter’s website claims SWIFT currently serves over 11,000 clients across 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 in regard to rumors of a possible SWIFT partnership or even future takeover by Ripple, saying: