CIMB Group (“CIMB” or “the Group”) and Ripple have entered into a strategic collaboration to enable instant cross border payments across its various markets. On the back of this partnership, CIMB will join Ripple’s network (“RippleNet”), which will facilitate access to other RippleNet members and allow CIMB to grow its cross border payments business.

CIMB Group, one of Asean’s leading banking groups and Malaysia’s second-largest financial services provider, announced on Monday that Dato’ Sri Nazir Razak would be stepping down from his position as group chairman by the end of this year.