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Vietnam-Based TPBank Partners With Ripple For Remittances

Vietnam-based TPBank (Tien Phong Commercial Bank) has joined Ripple’s blockchain-based payments network, RippleNet, seeking faster international money transfers. TPBank is a bank of Vietnam. It was founded on 5th May 2008, TPBank inherits technological expertise and financial strength from its strategic shareholders, including DOJI Gold and Gems Group, FPT Corporation, Vietnam Mobile Services, Vietnam National Reinsurance and SBI Ven Holding Pte. Ltd, Singapore. The bank was founded in 2008 in cooperation with the Bank for Investment and Development of Vietnam, and Citibank. Branches in Ha Noi and Ho Chi Minh City were opened the same year, along with internet banking services and ‘MiniBank 24/7’, an automated banking system. TienPhong is planning expansion to Hai Phong, Da Nang and Can Tho and elsewhere.

Tien Phong Commercial Bank has 136,000 billion Vietnamese dong (~$6 billion) worth of total assets, plans also to support transfers from Korea in the future.

The CEO of TP Bank, Nguyen Hung, in an interview with Vietnam Insider, commented:

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.

TP bank was the first bank to successfully apply for national money transfers in the county and with the alleged Ripple partnership, it could become the first bank in the country to fuel faster payments through RippleNet. International payments from the bank are mainly aimed at Japan. However, according to reports, South Korea will be the next recipient of this service.

 

 

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