SBI Ripple Asia Launches First Money Transfer Service Between Japan and Vietnam
- Vietnam is a “booming” economy and of the most attractive ones around the world
- SBI CEO: “We will also develop remittance services that incorporate crypto-assets in the future.”
SBI Ripple Asia and SBI Remit, an international money transfer service, announced the launch of the first Japan-Vietnam money transfer service in real currency using the Distributed Ledger Technology (DLT) with the Vietnamese bank, TPBank on Nov. 15.
SBI Ripple Asia is SBI Group in collaboration with Ripple Labs offering technology support to financial institutions interested in RippleNet.
TPBanks is their latest addition that will leverage Ripple technology to improve their business and customer experience.
SBI Group is also an investor in the bank and has a shareholding of 19.9%. Earlier this month, we reported that Tien Phong Commercial Joint Stock Bank (TPBank) has joined RippleNet. On this collaboration, Nguyen Hung, CEO of Tien Phong Bank said,
“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.”
Booming Vietnamese Economy an Attractive Market
Vietnam-Japan is a “booming” remittance corridor with the popularity of Vietnamese residents in Japan growing 4.57 times over the past five years. These numbers are further expected to increase.
“The booming Vietnamese economy is one of the most attractive markets around the world,” said Yoshitaka Kitao, CEO, President and Representative Director of the SBI Group and a member of Ripple’s Board of Directors. He added,
“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.”
RippleNet is Ripple’s settlement platform with a network of over 300 financial institutions worldwide to enable faster, lower-cost payments around the world. It will ensure that transactions are executed faster while managing safety and transparency.