Japan-based SBI Group has announced that it will use blockchain technology to develop cross-border money transfer services between Japan and Vietnam in collaboration with Vietnam’s Tien Phong Commercial Joint Stock Bank.
SBI Group will use RippleNet, a blockchain-based solution, to transfer funds to the Vietnamese bank.
Yoshitaka Kitao, Representative of the SBI Group, has spoken about the blockchain-based money transfer services, saying, “The booming Vietnamese economy is one of the most attractive markets around the world.”
“TPBank, which the SBI Group has invested in, in 2009 and owns a 19.9% share of, has achieved steady accumulation of loans and non-interest income such as settlement services, by actively utilizing cutting-edge technologies,” Kitao said.
The SBI representative expressed confidence in the adoption of RippleNet, saying the solution “will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”
An increasing number of Vietnamese expatriates in Japan is another factor that makes the services promising. The Vietnamese expat population soared by almost five times to reach 330,000 in 2018.
Nguyen Hung, CEO of Tien Phong Bank, has a positive outlook on the use of blockchain with cross-border remittance services, saying, “Our cooperation with SBI Ripple Asia Co., Ltd. on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”
“Transactions are executed faster while ensuring safety and transparency and cash flows will still be legally transferred via foreign banks to Vietnam,” he added.
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