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!