Vietnamese TPBank to Use RippleNet’s Blockchain for International Transfers

On November 4, Tien Phong Commercial Bank announced that the bank has joined RippleNet, claiming to be the first Vietnamese bank using blockchain technology for international money transfers.

In a press release, TPbank stated that the first transactions using RippleNet technology will originate from Japan. In the future, TPbank plans to add overseas remittances from Korea to its blockchain-processed offerings.

Blockchain technology has made it possible to reduce transaction time from hours to just “a few minutes,” stated the bank’s representatives. Among other blockchain-related efficiencies, the bank names security and low transaction costs.

As COIN360 reported earlier, this fall Finastra, a fintech firm which boasts $1.9 billion in revenue, has also joined RippleNet to provide fast cross-border payments using Ripple’s blockchain technology.