Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) has announced to use Ripple’s blockchain technology RippleNet for cross-border settlements. TP Bank is the first bank in the country to adopt such technology for cross-border payments.
The bank announced on Monday that with RippleNet, customers would be able to transfer money from Japan to a TP Bank account in just a few minutes. The Vietnamese Bank was founded in 2008 and has $6 billion worth of total assets.
The bank is also planning to support transfers from Korea in the near future. The official announcement read that the RippleNet allows error-free and low-cost international transactions. The bank further noted that by joining RippleNet, remittances transaction from abroad to their bank would be much faster, while ensuring safety and transparency.
TPBank’s CEO, Nguyen Hung, earlier this year, revealed its partnership with SBI for blockchain payments. SBI holdings own 60% of the joint venture SBI Ripple Asia and are responsible for spreading the use of Ripple technology in the Asian countries.