CIMB Group Holdings BHD, Joins Ripple’s Cross-Border Payment Network

CIMB Group Holdings BHD, Joins Ripple’s Cross-Border Payment Network

Reported from Bloomberg on November 15 that Malaysian loan giant CIMB Group Holdings Bhd has joined cross-border payment network Ripple(RippleNet)

The CIMB groups have $53.5 billion market capitalization and will integrate XCurrent Ripple products software solutions. To accelerate cross-border payments,  for fast “SpeedSend” money transfers. CIMB products serve several Southeast Asian markets, including the Philippines, Vietnam and Thailand.

Explained by Bloomberg, Ripple is competing to surpass the Society for Worldwide Interbank Financial Telecommunication in the payment industry across global borders. The latter website claims that SWIFT currently serves more than 11,000 clients in 200 countries.

In an interview with Bloomberg at the 2018 Singapore Fintech Festival, Ripple CEO Brad Garlinghouse.  Responded to reporters’ questions regarding the possibility of a SWIFT partnership or even a future takeover by Ripple, saying:

“Swift is owned by banks, Ripple is here to help the banks. what we are doing on a day-to-day basis is in fact taking over SWIFT. We’ve signed well over 100 banks, some of the world’s largest SWIFT-enabled banks are now using Ripple’s technology.”

Bloomberg took data from the World Bank which estimated that the total value of global money transfers would increase to $ 642 billion this year, up almost 5 per cent from $ 613 billion in 2017.

While XCurrent does not use Ripple’s original XRP tokens.

Growth asset strong comes even since financial services and technology industry such as Standard Chartered (SC) and Ant Financial developing. As an alternative solution based on blockchain-based cross-border remittance solutions.

Member Parliament Malaysia Urges Regulations

Before implementing the Hope Coin cryptocurrency (HRP) project. Malaysian MPs have urged the government to apply the right cryptocurrency regulation, the local English-language daily newspaper Star reported on November 14. Harapan Coin claims to be the first political fundraising platform in the world that uses cryptocurrency and blockchain technology.  The project’s mission is to raise money for Malaysian opposition parties. Coin creators suggest that HRP has “the potential to become an official currency.”Launched by a group of caring and patriotic Malaysians, inside and outside Malaysia,

Fahmi Fadzil, director of the Malaysian People’s Justice Party (PKR) said the important for appropriate cryptocurrency regulations before use. That means it still needs official rules before it is used to finance political activities

Fadzil voiced concern over the cryptocurrency anonymous nature  whose party was part of a powerful coalition,

"Sifat cryptocurrency yang tidak dikenali mungkin membuka kita kepada beberapa isu dan kita perlu menunggu garis panduan dari bank negara [Bank Negara Malaysia (BNM) berkenaan dengan cryptocurrency."

On the Malaysia New Straits Times news portal, former Malaysian prime minister Datuk Seri Najib Razak asked who would really benefit from the “HRP scheme.” Reported razor ordered Federal Territory Minister Khalid Samad – who had advocated for coins and submitted them to BNM – to identify the people behind the project.

As reported by Star, documents and presentations from HRM and Prime Minister Tun Dr Mahathir Mohamad. Although approval may take time, Khalid will continue to support the project.

After discussing and operating the proposed cryptocurrency rules for several months. BNM was originally planned to issue instructions to regulate the use of digital currencies in Malaysia in early 2018,

In February, the law required crypto exchanges to fully identify the laws of the new anti-money laundering (AML) banks.

BNM hinted that they planned to integrate the blockchain in the banking sector, where he formed a special working group “to work on best practices.” in March

The Ministry of Education of Malaysia Prepares a University Degree Verification System through the Blockchain

Malaysia’s Ministry of Education (MoE) is building a University Consortium to combat blockchain fraud.
According to the ministry. The system designed to issue and verify the authenticity of titles issued by universities.
The new government-supported consortium will initially consist of six public universities and their diploma verification system. Set to operate using the NEM blockchain.
According to the ministry, a new system was developed by a team led by a professor from International Islamic University Malaysia (IIUM).

According to local media reports, the consortium’s idea proposed by the Company to protect student right, and promote ledger technology.

A Russian state-backed university claims to have recorded information. About diplomas issued during the last ten years using DLT. and announced, to store diploma data on the blockchain,
October last year, Massachusetts Institute of Technology (MIT)  reported being first digital diploma by implementing blockchain technology

Malaysia’s Central Bank: 9 Banks Experiment with ‘Case-Use Scalable’ Blockchain

Malaysia’s central bank hints at plans to integrate Blockchain in the banking sector.

Speaking at the 2018 Asian Bankers Digital Finance Convention in Kuala Lumpur, Deputy Governor of Bank Negara Malaysia (BNM) Jessica Chew Cheng Lian announced that domestic banks must build a trade finance blockchain project. In the blockchain space, industries in a number of jurisdictions have gathered resources for the experimental costs involved in developing large-scale use cases for technological applications,” he told the audience.

Competition is getting tougher Because banks around the world have started using Blockchain technology, including partnerships with Blockchain startup companies such as the Ripple for Remittances this month,

Malaysia has a regulatory plan regarding both the Blockchain and cryptocurrency, BNM introduced a new law in February that sets the standard for crypto exchange of the country.

Although there are no further details about the banking sector’s plans, Lian also said if BNM working API’s

source cointelegraph

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