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SBI Ripple Asia Launches First Money Transfer Service Between Japan and Vietnam

SBI is at it again. So much great news coming out of Japan and SBI. Just a couple of days ago we got news on Kyoto University Becomes 1st Japanese University To Run An XRPL Validator and today we get the news that SBI Ripple has launched the first money transfer service between Japan and Vietnam.

From the official press release:

the first Japan-Vietnam money transfer service in real currency utilizing DLT, with a Vietnamese bank, Tien Phong
Commercial Joint Stock Bank (Head office: Hanoi; CEO: Nguyen Hung; hereinafter “Tien Phong Bank”)

SBI Remit and Moneygram have been providing a convenient international money transfer service using DLT technology. The adoption of RippleNet helps enable realtime and low-cost transfers between SBI Remit and Tien Phong Bank.

We originally got the news a couple of days ago that the Vietnam-Based TPBank Partnered with Ripple (XRP) for Blockchain Remittances. TPBank became one of Vietnam’s top 10 banks in 2017 with assets of over $5.3 billion. It focuses on digital transformation and e-banking and has a money transfer app that allows customers to send funds with a QR code.

The partnership with Ripple is yet another step in the right direction for the bank’s digitization goals. Nguyen Hung, the CEO of TPBank stated:

“Customers will not have to wait for a few hours to make money transfers from Japan to a TPBank account because from now on, using RippleNet, applying blockchain technology to international money transfer, customers only need a few minutes to complete these transactions.”

Tien Phone Bank:  Tien Phong Bank is a Vietnamese commercial bank established in May 2008. The SBI Group has invested in
the company in August 2009, owning a 19.9% share. The bank uses advanced technology to increase loan
balances, particularly in the retail sector. It’s market capitalization of about 89.4 billion yen (as of 2019 the end
of September 2019)

 

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