TPBank Joins RippleNet As First Vietnamese Bank To Use Blockchain For Cross Border Payments
- After Japan, TPBank will expand its service into Korea
- Ripple’s partner SBI has a shareholding of 19.9% in the bank
Ripple has added another partner to its list that will expand its services in yet another region.
Vietnamese Tien Phong Bank or TPBank is the latest addition to RippleNet that from November 2019 onwards will enable faster, more convenient, and safer international money transfer reported MSN News.
The bank was founded in May 2008 in cooperation with Bank for Investment and Development of Vietnam and Citibank that has now embraced blockchain technology to provide better money transfer services to its customers via RippleNet.
RippleNet, one of Ripple’s products is a global payment network of more than 200 financial institutions worldwide that offer payout capabilities in over 40 currencies.
Ripple’s leading banking partner SBI also has a deep connection with TPBank. SBI Group actually has a shareholding of 19.9% in the bank, invested in August 2009. The bank provides retail and wholesale banking services in Hanoi and Ho Chi Minh City.
In August this year, Nguyen Hung, CEO of TPBank told Vietnam Insider that it is working with SBI on applying blockchain to international transactions.
After Japan, the Service will Expand into Korea
This partnership means TPBank customers won't have to wait for hours to make a money transfer from Japan to the TPBank account rather now it will take just a few minutes to complete these transactions.
In the future, it is expected that the bank will further expand its service leveraging blockchain technology to Korea as well.
It would also mean the information and status of each transaction are updated to all parties immediately, ensuring the integrity and transparency and that the transaction is executed error-free and with speed and low cost.
This, however, isn’t TPBank’s first foray into blockchain technology, Back in early 2018, it was among the first three banks in Vietnam to cooperate with National Payment Corporation of Vietnam (NAPAS) to apply blockchain technology to domestic inter-money bank transfer.
It was actually “the first bank” to successfully apply for national money transfer. Using blockchain technology allows the bank to affirm its leading position in digital banking.