Malaysian Bank CIMB Group Holdings Bhd. signed an agreement on the use of cross-border payment system Ripple. It is reported Bloomberg.

As stated in the press release of the Bank network RippleNet will be used in the system of remittances called SpeedSend. Product, designed for private customers, available in 18 key markets in Southeast Asia, including the Philippines, Vietnam and Thailand. According to information posted on the official website, SpeedSend allows customers to directly recharge accounts, make transfers of cash and pay the Bank debt.

It should be noted that CIMB will not interact with tokens XRP: the Bank will work with the system xCurrent that does not use tokens to simplify cross-border transactions.

Recall that the network RippleNet was designed to send and receive funds anywhere in the world. As reported by the Ripple, with the network already has more than 100 banks and other financial service providers. We have high ambitions — she hopes to compete with the Swift system in the field of international money transfers. This is no easy task: Swift works in 200 countries with 11 thousand customers — different legal entities.

It is noteworthy that despite the overall downturn in the cryptocurrency market over the past year the company has significantly expanded the list of partners. So, a week ago it became known that the money transfer system SendFriend will use the platform Ripple xRapid for faster transactions. And in October the system xCurrent began to use the British company Moneynetint specializing in currency exchange and transfers.