When TPBank joins RippleNet, blockchain will soon become the norm for international remittances in Vietnam. TPBank (Tien Phong Commercial Bank), based in Vietnam, is the latest entrant into the famous RippleNet. This will enable the bank to leverage on the enterprise-grade blockchain-powered payments network, thereby making their transaction safer.
RippleNet, the remittance network powered by distributed ledger technology (DLT), provides high security and privacy to its participants over a blockchain-powered network. The addition of a Vietnamese commercial bank will certainly open up new avenues for RippleNet as well. This represents another feather in the network’s cap which now boasts of several international financial institutions and multinational banks.
TPBank joins RippleNet to deepen XRP’s Asian collaborations
Sources state that TPBank is the first entrant hailing from Vietnam into the RippleNet network. That also makes it the first Vietnamese bank to employ blockchain in the realm of international remittance in the country. The bank claims that currently, it takes a few hours for remittances from Japan to reflect in Vietnam TPBank. Once fully implemented, RippleNet will reduce this transaction time to a few minutes.
TPBank was founded in 2008 and boasts of approximately six billion dollars ($6B) worth of assets under its belt. In the near future, the bank plans to offer instantaneous remittances from neighboring South Korea that are powered by blockchain networks.
Further commenting on the announcement, TPBank has mentioned that RippleNet updates the user transaction instantly, and all the parties are informed immediately which ensures that money orders are executed blazingly fast. When TPBank joins RippleNet, this collaboration will surely boost the country’s remittances which are already substantial.
RippleNet members list continues to increase steadily
Ripple Labs has achieved success when it comes to adding more enviable names to its prestigious RippleNet network. Currently, cryptocurrencies are finding it tough to enter the mainstream financial arena. And such an increase in membership only goes on to show that Ripple is on a roll.
The network has fans all across the globe. As more and more countries warm up to digital assets, RippleNet is sure going to find many new favors. Brands like PNC Financial Services Group Inc. and Xendpay establish the network’s positive credibility in the international cross-border payments.