Vietnam-based Tien Phong Commercial Joint Stock Bank (TPBank) has signed a partnership agreement with RippleNet to boost cross-border money transfers between Vietnam and the world.

The bank will use RippleNet to successfully apply blockchain technology to global money transfers between Vietnam and Japan.

Deal facilitates money transfers

The partnership aims to shorten the time of completing money transfer between the two countries.

The RippleNet network will allow the lender to provide its clients with a simple, secure and fast way of cross-border money transfer.

TPBank CEO Nguyen Hung said,

“By joining RippleNet, remittance transactions from abroad to TPBank will be faster, while ensuring safety and transparency, cash flows will still be legally transferred via foreign banks to Vietnam.”

It is worth mentioning that TPBank uses RippleNet to process billions of Japanese Yen per month from Japan to Vietnam.

The partnership helps the lender to expand its business to more countries that have Vietnamese migrants.

Hung said:

“This takes high priority for SME customers of TPBank because taking advantage of RippleNet with real-time transfers and 24/7 transaction processing, SME customers will save time, minimize costs, reduce risk management and release the necessary capital that can be used to further develop their business.”

South Korean firms join RippleNet

Some money transfer companies in South Korea have joined Ripple’s blockchain-powered RippleNet.

RippleNet allows financial institutions to provide a quicker and more reliable way of sending money around the world.

For many years, Korea’s remittance market was dominated by large financial institutions, which resulted in high transfer fees and delays.

However, changes in regulations that were introduced in 2017 allowed non-bank firms to offer money transfer services.

Ripple expands presence globally

Earlier, Cryptolydian reported that Bitkub, a Thailand-based cryptocurrency exchange, has formed a partnership with Ripple.

In addition, Ripple had concluded several partnerships with several exchanges, including US-based Bittrex, Mexico’s Bitso, Singapore’s Bitrue, Philippines’ Coins.ph and Luxembourg’s Bitstamp.

Moreover, Ripple has signed a collaboration agreement with Thailand’s oldest bank SCB to provide a remittance service called SCB Easy, which is a mobile application that offers overseas payments at low costs.

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