Vietnam: TPBank Joins RippleNet to Enable Blockchain-Enabled Cross-Border Payments
Vietnam-based TPBank (Tien Phong Commercial Bank) has become the latest member to join Ripple Inc.’s blockchain-powered enterprise-grade payments network RippleNet. This, according to a report by Yahoo! Finance, November 4, 2019.
Ripple On-Boards Vietnamese Bank to the RippleNet Network
Ripple’s distributed ledger technology-enabled (DLT) remittance network – RippleNet – has added major Vietnamese commercial bank TPBank to its rapidly growing list of multinational banks and financial institutions.
Per sources close to the matter, TPBank is supposedly the first Vietnamese bank to apply blockchain technology for overseas remittances. According to the bank, RippleNet will allow its clients to make payments from Japan to a TPBank account in a “few minutes” compared to the current “few hours.”
Founded in 2008, TPBank currently has assets under management (AUM) worth roughly $6 billion.
The bank has plans to introduce the instant blockchain-powered remittance service from South Korea in the near future, the report adds.
Commenting on Ripple’s cross-border payment service, the bank stated:
“RippleNet “immediately” updates information and status of each transaction to all parties, ensuring money orders are quickly executed, “error-free and with low cost.”
RippleNet Client List Continues to Snowball
At a time when cryptocurrency and blockchain ventures are still endeavoring to find space for themselves in the global finance industry, San Francisco-headquartered Ripple Labs has been able to onboard an enviable number of clients to its enterprise-grade blockchain payment network.
As reported by BTCManager in September last year, the firm had entered into a business partnership with Pittsburgh-based PNC Financial Services Group Inc. The partnership came to fruition in September this year when the bank holding corporation processed its first cross-border payment transactions for clients using RippleNet.
RippleNet has managed to find corporate fans all across the world in that its market space is not limited only to North America.
BTCManager informed its audience on August 22, 2019, that London-based international money transfer service Xendpay had joined RippleNet to enable millions of people to send real-time cross-border payments in their local currencies.
At press time, Ripple’s native digital token XRP ranks third on the CoinMarketCap crypto table with a market cap of more than $12 billion – trading at $0.29.