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.