Vietnam’s Tien Phong Bank (TPBank) is the recent financial institution to join RippleNet. According to the reports, from this month onwards, RippleNet will facilitate the bank to provide quicker, more convenient, and secure international transactions to its customers.
TPBank was established in May 2008 with support from the Bank for Investment and Development of Vietnam and Citibank. Both of the parent banks have themselves now incorporated blockchain technology in their system to deliver faster and hassle-free money transfer facilities to their customers via RippleNet.
RippleNet is a Ripple product that has a global payment network consisting of over 200 financial institutions all over the world that facilitate payout capabilities in more than 40 currencies.
It is known that the leading banking partner of Ripple is SBI, which also holds 19.9% shares in TPBank. In August 2019, CEO of TPBank, Nguyen Hung speaking to Vietnam Insider, said that they were working with SBI to apply blockchain technology to international transactions.
After starting its operation in Japan, the firm plans to extend its reach to Korea. Ripple wants to leverage its blockchain technology to Korea so that it could provide users with the experience of fast and secure international money transfers.
This would mean that the data and status of every transaction remain updated with all the parties immediately, leading to reliability and transparency in the transaction system.
Back in 2018 too, TPBank was one of the first three banks in Vietnam to liaise with the National Payment Corporation of Vietnam (NAPAS) to use blockchain technology for domestic and inter-money bank transactions. In fact, it was “the first bank” to truly implement national money transfer.