RippleNet continues to expand its market after it announced its partnership with Vietnam’s major bank, Tien Phong Bank (TPBank). SBI Ripple Asia confirmed that they would be working with TPBank so they can set up a remittance service via Ripple between Japan and Vietnam.
In a statement released by SBI Ripple Asia, they said that the expansion would greatly benefit the increasing number of Vietnamese residents in Japan. As of December 2018, there are a total of 330,835 Vietnamese residents in Japan – a figure that has grown for 4.57% in the last five years. It is predicted that these figures will only continue to grow in the years to come.
Nguyen Hung, TPBank’s CEO, announced in the past that they would only be working with SBI Holdings for financial transactions. Still, the recent announcement has confirmed the new remittance service already has a go signal for the two Asian countries.
Hung also said that this partnership with SBI Holdings is a major turning point for them to further enhance their customer service by making international money transfers faster, more convenient, and safer.
He said that this partnership shows SBI Holdings significant support to TPBank, which allows them to cross borders when it comes to money transfers. He also ensured that all these transactions comply with all domestic and foreign regulations.
Yoshitaka Kitao, a representative of SBI Group, said that the Vietnamese economy is one of the most attractive around the world because it is currently booming. Last 2009, SBI Holdings invested in TPBank and now owns 19.9% of its shares.
Kitao added that the partnership with TPBank has further differentiated them from their competitors. He also declared that they are planning to develop a remittance service that would include crypto-assets.
RippleNet Powered Payments also available in other Asian Countries
Aside from Vietnam, Ripple-powered Payments Company is also available in Indonesia. Nium, formerly called as InstaRem, is currently partnering with Visa Direct for instant payments in the country. The Bank of Indonesia had issued a license to the platform before the services were offered.
In Japan, Japanese Softbank also announced its plan to merge with LINE, a popular messaging app in Japan. Softbank is the owner of the MoneyTap payments app, which is also powered by Ripple. Recently, it has partnered with PayPay – a similar platform like that of MoneyTap. If these two companies will seal the deal, it is foreseen that both companies would benefit from it.