Ripple and XRP have been making strides in the cryptocurrency sphere with their many partnerships and collaborations in the cross-border payments sector. Ripple’s xCurrent-powered Money Tap faced a setback when one of the member banks announced that they would cease collaboration with the service from May 13, 2019. However, Asia is still invested in what Ripple Tech has to offer and this point was reiterated by a top CIMB Group official recently.

In an interview with Marcus Treacher, a member of Ripple’s Board of Directors, at the Ripple Regionals: Asia Pacific 2019, Thomas Tan Kok Kiong, Senior Managing Director, Group Treasury Sales and FX, CIMB Bank, said that Ripple had solutions for many of the industry’s grave concerns.

He primarily spoke about two aspects that made Ripple stand out in the industry; solutions for nested transactions and operation speed. Nested transactions, in layman terms, are database transactions that are within the scope of another existing transaction.

According to Kiong, remittance providers and operators face a lot of trouble due to nested transactions as they are unable to “see through these transactions”. He opined that the issue could spiral to a point where they are shut out and added that Ripple’s blockchain was the perfect solution to the problem.

He further said that CIMB Group had one of the biggest networks in South East Asia and that their partnership was mutually beneficial as it helped them both tread uncharted territories. He said,

“We are increasingly moving towards white collar and digital spheres. That is why it is important for us to work with Ripple. We hope that your technology will help us get closer to small guys and solve the problems plaguing he remittance industry.”

The Senior Managing Director also spoke about the SWIFT network and said that the tides were changing in favor of Ripple in the longer run. Kiong added,

“We have the SWIFT network currently and I think it will probably continue for a while. However, we also have emerging technologies such as Ripple and other similar players. Therefore, I don’t think there is anything wrong in hedging and joining these networks.”

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