TPBank Leverages RippleNet to Boost Vietnamese International Remittances
- 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.
— Marcus Treacher (@marcus_treacher) April 30, 2020
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.