RippleNet Expands Its Partnership with Vietnam Bank to Ease Cross Border Payments

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Tien Phong Commercial Joint Stock Bank (TPBank) Vietnam, partnered with RippleNet network by Ripple.
  • Over the last five years, the Vietnamese migrant workers in Japan have recorded high.
  • With the overseas workers growing in Japan, people are seeking for a faster method to send money to their home.

Over the last five years, the Vietnamese migrant workers in Japan have recorded high. It makes Vietnam the second largest sender of migrants to the region.

With the overseas workers growing in Japan, people are seeking for a faster method to send money to their home.

RippleNet Integration Will Make Money Transfer at an Ease

Looking at this requirement, a leading digital transformation bank of Vietnam, Tien Phong Commercial Joint Stock Bank (TPBank), partnered with RippleNet network by Ripple.

The vision of the partnership is to deploy blockchain technology for overseas money transfer between Vietnam and Japan.

While waiting for hours and hours for money transfer from Japan to Vietnam, the transactions will process in a minute.

With the support of RippleNet, the bank is going to offer its regulars a simple, transparent, and fast way to send global payments inside and outside of Vietnam.

The TPBank CEO Nguyen Hung stated that while collaborating with RippleNet, remittance transactions will be faster, ensuring safety and transparency.

TPBank to offer services to small and medium-sized enterprises

In 2019, TPBank associated with RippleNet in Vietnam to create an open-network of around 300 financial institutions to penetrate the Vietnam market.

With the support of RippleNet, the bank is expanding its services to more countries that have Vietnamese migrant workers.

The bank is planning to expand its remittance service to individuals and corporates,  specifically small and medium-sized enterprises (SMEs).

Now, the bank will be able to process the entire cross-border payments via RippleNet. It will further bring a seamless experience for both partners and customers.

TP bank starts the partnership with SBI Ripple Asia concentrating on people working outside of Vietnam who want to transfer money to their houses daily. 

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