Ripple has been enhancing global financial industry. Following its partnership with SBI Holding, Ripple has established its presence in Asia with SBI RippleNet Asia, a subsidiary of SBI Holdings. Through DLT, RippleNet allows quicker transactions and it seems RippleNet might witness another entry now with a Vietnamese bank, TP Bank, and the report says that it is now using its Blockchain technology.
The Vietnamese bank previously had proclaimed working with SBI for the utilization of Blockchain for cross-border transactions. Tien Phong Commercial Bank, a Vietnam-based TP Bank has now joined RippleNet, Ripple’s Blockchain-based payments network pursuing faster international money transfers.
“TPBank is also working with SBI on applying blockchain to international transactions. With its flexible, transparent and decentralized nature, blockchain has the potential to greatly improve transaction networks and ensure instant transactions despite geographical distance,” said Nguyen Hung, the CEO of TP Bank at an interview with Vietnam Insider.
RippleNet provides a global payment network utilizing XRP, SBI Ripple Asia hosts numerous Asian banks facilitating better financial infrastructure. Vietnam-based TP Bank was the first bank which applied for national money transfers in the country, it is assumed that with Ripple partnership, TP bank would become the first bank in Vietnam to enable quicker payments through RippleNet.
TP Bank asserts to be the first bank in Vietnam to have applied blockchain technology for the overseas transaction. On Monday, TP Bank announced that RippleNet would allow customers to make a money transfer from Japan to TP Bank in a matter of few minutes unlike the previous transactions behind which used to take a few hours.
Although International payments from the bank are mainly targeted at Japan, reports say that the next recipient to this service would be South Korea. It would be another tickmark for XRP adoption if the country considers using ODL. SBI Holding shared enthusiasm in using XRP adoption to enable payment transactions from Japan to South-East Asia in its recent performance and strategy report. With SBI moving a step closer towards the utilization and adoption of XRP, Ripple would probably confirm the partnership with TP bank shortly.