On November 15, SBI Ripple Asia and SBI Remit launched a blockchain-based money transfer service between Japan and Vietnam with support from Tien Phong Commercial Joint Stock Bank (TPBank).
The
announcement cited the rise of Vietnamese residents in Japan to more than 330,000 by late 2018, which is expected to continue in the future. A blockchain-based money transfer service is faster compared to legacy systems and is secured by cryptography. While Ripple is not directly involved in this project, its technology is at the forefront of this initiative.
SBI Ripple Asia is a joint venture between Japan’s SBI Holdings and Ripple, with SBI as the controlling shareholder. The firm offers technology and marketing support for financial institutions interested in using RippleNet.
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