Vietnam – A huge Vietnamese bank called Orient Commercial Joint Stock Bank has confirmed its partnership with RippleNet. Lately, Ripple’s XRP has been making significant steps in improving the global financial infrastructure. Currently, this company is collaborating with other successful Asia businesses, including the Asia-based SBI Holdings called SBI Ripple Asia.
RippleNet’s partnership with the Orient Commercial Joint Stock bank is an excellent way to help more Asia people experience faster transactions, especially using DLT. As earlier reported, the bank utilizes the blockchain technology to enhance cross-border payments. In an interview with the Orient Commercial Joint Stock Bank, the company revealed that Ripple’s XRP could help more retail clients and small and medium enterprises.
Since OCB has over 130 branches across the Asian country, millions of people will have access to flexible, transparent, decentralized transactions, ensuring instant processes despite geographical distance.
Over the years, Ripple’s XRP has served many Asian banks using the blockchain technology, especially in improving the financial infrastructure. XRP is also a globally accepted network, pushing more banks to consider Ripple’s vision.
In Vietnam, OCB is one of the most reputable banks to successfully apply for XRP transfers. With the company’s Ripple partnership, OCB could become one of the trusted banks that conduct faster payments and other financial transactions through RippleNet.
According to OCB, the cross-border transactions in Vietnamese are usually to and from Japanese clients. It means another milestone for the XRP adoption. With Ripple’s latest strategy report and the latest SBI Holdings performance, the company showed positive results in facilitating remittances and other payments transfers from Japan to other South-East Asian countries.
With the OCB and XRP collaboration, Vietnamese can utilize Ripple’s On-Demand Liquidity service, a feature that helps XRP grow closer to its utilization and adoption.
Phong Nguyen, Vice President and Head of Fintech and Project Management of OCB, revealed that this bank manages over $4.6 billion in assets. Therefore, its partnership with RippleNet is very strategic. With this investment in Ripple’s blockchain technology, OCB can apply better innovations to business, boost productivity, cut down the expense, bring transparency, and provide better customer service with remittances and cross-border payments.
Since Ripple’s XRP focuses on instant payments and competitive fees, it would act as another puzzle piece that falls into place. The Vietnamese banking industry has deep ties to the Chinese government, allowing Ripple to strengthen power across the Asia Pacific region.