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The Vietnamese bank, TPBank with the help of RippleNet blockchain technology, will now provide successful international money transfer. The Tien Phong Commercial Bank (TPBank) claims to be the first Vietnamese bank to apply blockchain technology for overseas remittances. It further claims that customers can transfer money from Japan easily within minutes which used to take a few hours earlier.
RippleNet “immediately” updates information and status of each transaction to all parties. Moreover, it executes money orders quickly, “error-free and with low cost,” said TPBank. The CEO of TP Bank, Nguyen Hung, commented, “TPBank is also working with SBI on applying blockchain to international transactions”. SBI Ripple Asia hosts several Asian banks to facilitate better financial infrastructure. RippleNet, a platform developed by this SBI Ripple Asia intends to provide a global payment network solution.