CIMB Bank Executive Praises Ripple for How It Will Assist with Speed and Nested Transactions
Ripple is faring very well in 2019. Despite having lost a powerful ally when some banks decided that they would not use xCurrent anymore from May onwards, the company is still making several important partnerships, especially in Asia, which is a very important Ripple market.
Now, an executive from the CIMB Group has recently talked about Ripple’s services and he has reiterated how important they are for the company and how they will help to be solutions.
Thomas Tan Kok Kiong, the CIMB Group official, which also works as the managing director of the company and as the treasury sales and FX officer, has been recently interviewed by Marcus Treacher. Treacher is a member of Ripple’s Board of Directors and he is one of the people in charge of the Asia Pacific region.
During the conversation, Thomas Tan Kok Kiong has affirmed that remittance operators generally have a lot of trouble with nested transactions and that they cannot see through them, but that the issue could be solved with Ripple’s help.
According to the CIMB Group official, Ripple’s blockchain services could be used as the perfect solution for this problem, as they are fast and transparent.
He has also affirmed that the group is responsible for having one of the biggest networks of money remittance in the industry, so this partnership could really benefit both parties as the South East Asian market is very rich and Ripple could benefit hugely from being a part of it.
Thomas Tan Kok Kiong has affirmed that the company is moving forward to the digital world now and that this is part of why the partnership with Ripple is so relevant to the company. With this partnership, they believe, they could protect the “small guys” from the problems of the industry and basically do their part to fix the remittance industry, which has several constant problems.
The CIMB Group official has also talked about Ripple’s main competitor SWIFT. He believes that, in the long run, Ripple has way more chances of continuing to be relevant than SWIFT currently has, mostly because of their efficient blockchain technology.
He said that the company uses SWIFT and will continue to do it for a while but that they are starting to use Ripple’s services now and that this will be an important development because the emergent technologies are here to stay and they will make life easier for both sides.
Ripple is the company that created the XRP tokens, currently the third largest tokens by market cap. The company has also been the creator of several cross-border remittance tools like xRapid, xCurrent and xVia.
Recently, the company is starting several important partnerships that will be very important for the long run, as the objective of Ripple is, basically, to become the new SWIFT, and it looks like the company has a good shot at it.