TPBank Leverages RippleNet to Boost Vietnamese International Remittances

The application of RippleNet as a means of international remittances have a tremendous amount of benefits for everyone from the end-user to the companies that implement it.

  • With the large number of immigrant laborers from Vietnam working in Japan, TPBank partnered with RippleNet to offer a fast yet cheaper alternative to facilitate the cross border remittances.
  • They have since collaborated with SBI Remit to offer an efficient Blockchain solution that has reported billions of Yens in transactions between the two countries.

Japan has recently seen an influx in the number of foreign workers living there as the country grapples with a chronic labor shortage. Lax immigration rules, all thanks to the recent deregulation of strict immigration law in 2019, have made it easier for foreign job seekers to easily move and get jobs in Japan.

The Tien Phong Commercial Joint Stock Bank (TPBank) based in Vietnam spotted an opportunity it could seize. Their strategic partnership with Ripple in 2019 enabled them to facilitate a Blockchain solution for international remittances between Japan and their local clients.

Global Partners in RippleNet

The unique partnership with RippleNet has granted TPBank access as RippleNet currently boasts of over 300 financial partners in their fold globally.

Notably, shortly after joining RippleNet, TPBank and SBI Remit collaborated to unveil the first money transfer platform specifically tailored to suit the needs of immigrant workers from Vietnam working in Japan in 2019. They zeroed in on those who especially made regular remittances to their kin in Vietnam.

Their clients would no longer have to wait for hours as experienced with institutional legacy systems before their transactions had fully gone through. Instead, they would enjoy unrivalled convenience taking only a few minutes for the cross border transactions to mature.

TPBank CEO, Nguyen Hung has admitted that joining RippleNet has helped them streamline their cross border transaction making them much faster while still upholding transparency.

TPBank has reported processing billions of Japanese Yen in monthly transactions between the two countries all thanks to RippleNet's Blockchain Solutions. Their remittance services are real-time, faster and yet cheaper.

They have now expressed their intention to extend the support to Small and Medium-Sized Enterprises (SMEs), who according to CEO Mr. Hung needs to leverage Blockchain to reduce their overall operational overheads which could instead go into Business Development.

Ripple (XRP) Live Price

1 XRP/USD =$0.3063 change ~ 0.94%

Coin Market Cap

$13.26 Billion

24 Hour Volume

$615.63 Million

24 Hour VWAP


24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Will Emerge Stronger Out of the Ongoing Crisis: Congressman Tom Emmer

It is the fact that no one has centralized control over Bitcoin that makes it stand out in comparison to fiat currencies that are...

Coca-Cola to Utilize Baseline Protocol For Supply Chain Tracking with Exposure to DeFi

Coke One North America (CONA) has partnered with Provide and Unibright to streamline the supply chain of the largest coca-cola bottlers in the region...

USD-Pegged Cryptos & BTC Continue to Rise in Contradiction to the Falling US Dollar

The US dollar is not having a good start in the second half of 2020. The dollar index, which measures the greenback against a basket...

Coinbase Wallet Integrates Unstoppable Domains; Send Payments Via .Crypto Addresses

Coinbase Wallet, a service rendered by US based Coinbase crypto exchange is extending its support for Unstoppable Domains according to an announcement made by...

Mad Rush to BTC Coming Soon as Barstool Sports' Dave Portnoy Declares ‘I Want to Buy All the Bitcoins'

Dave Portnoy, the founder of Barstool Sports, has now turned his attention to Bitcoin as he said, "I want to buy all the bitcoins." Portnoy...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today