Ripple, TPBank Collaborate for Blockchain-Based Remittances

Vietnam-based TPBank (or Tien Phong Commercial Bank) has joined RippleNet, a blockchain-based payments network of Ripple, looking for quicker international money transfers.

Professing to be the first Vietnamese bank to apply blockchain innovation for overseas settlements, TPBank revealed on November 4 that RippleNet would enable its clients to make a money transfer from Japan to a TPBank account in a “few minutes” where earlier such an exchange took a “few hours.”

The bank, which was established in 2008 and has 136,000 billion Vietnamese dong (~$6 billion) worth of total assets, intends also to support transfers from Korea later on.

RippleNet “immediately” refreshes data and status of every transaction to all parties, guaranteeing money orders are immediately executed, “error-free and with low cost,” stated TPBank.

A month ago, London-based fintech tycoon Finastra also joined RippleNet, which has more than 200 financial institutions as its partners and keeps on extending further.