SBI Ripple Asia Announces First Japan-Vietnam Money Transfer Service Using RippleNet

Published November 15, 2019 | Updated November 15, 2019

SBI Ripple Asia
SBI Ripple Asia

SBI Ripple Asia Announces First Japan-Vietnam Money Transfer Service Using RippleNet

SBI Ripple Asia and SBI Remit, subsidiaries of SBI FinTech Solutions have partnered with Tien Phong Commercial Joint Stock Bank, a Vietnamese commercial bank established in May 2008 to introduce the first japan-Vietnam money transfer service in real currency utilizing Distributed Ledger Technology(DLT).

Rising Vietnamese Population

For a long time, SBI Remit has been providing international money transfers with Money Gram International. Interestingly, the adoption of RippleNet will enable the real-time and low-cost transfer of funds between SBI Remit and Tien Phong Bank. As a matter of fact, the population of Vietnamese residents in Japan has grown 4.57 times over the past five years to 330,835.  The system will allow for seamless transfers and help build a loyal customer base for both the firms.

From Tien Phong Bank CEO’s Desk

Nguyen Hung, CEO of Tien Phong Bank, stated as follows:

“Our cooperation with SBI Ripple Asia Co., Ltd on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before. At TPBank, transactions are ensured to comply with all domestic and foreign regulations including AML.”

Vietnamese Economy Is One Of The Most Attractive Markets- SBI Group

Yoshitaka Kitao, a representative of SBI Group said,

The booming Vietnamese economy is one of the most attractive markets around the world. TPBank, which the SBI Group has invested in, in 2009 and owns a 19.9% share of, has achieved steady accumulation of loans and non-interest income such as settlement services, by actively utilizing cutting-edge technologies. The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporate crypto-assets in the future.”

SBI Ripple Asia also offers technology and market support for financial institutions who wish to tap the benefits of RippleNet. The latest in the list is TPBANK which will be supported by SBI Ripple Asia to help them improve their customer experience and business.

Will more banks soon follow the same suit? Let us know, what you think in the comments below!

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

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Supriya Saxena 216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.
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