Copy link
Increase text size
Decrease text size
Link copied

SBI Ripple Asia, SBI Remit launch first Japan-Vietnam money transfer service using distributed ledger technology

Tue, 19 Nov 2019, 05:15 am UTC

SBI Ripple Asia, a joint venture company between financial services giant SBI Holdings and blockchain startup Ripple, in partnership with SBI Remit, an international money transfer service business operator, has launched the first money transfer service between Japan and Vietnam utilizing distributed ledger technology (DLT).

The DLT-based Japan-Vietnam money transfer service will be denominated in real currency and facilitated through collaboration with Vietnamese bank, Tien Phong Commercial Joint Stock Bank.

“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,” Nguyen Hung, CEO of Tien Phong Bank, said.

According to a press release dated Nov. 15, Ripple’s settlement platform RippleNet enables the transfer of funds between SBI Remit and Tien Phong Bank in real-time and cost-effective manner.

With the current service using only real currency, Yoshitaka Kitao, Representative of the SBI Group, hinted at the possibility of incorporating crypto assets in the future.

“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 adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”

Earlier in June, SBI Ripple Asia teamed up with Coinone Transfer, a payments business and a subsidiary of cryptocurrency exchange Coinone, to facilitate blockchain-based remittance in South Korea.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,916.52 (+2.86%)
  • Ethereum (ETH) $278.85 (+7.81%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $413.95 (+2.95%)
  • Bitcoin SV (BSV) $305.20 (-0.76%)
  • Bitcoin (BTC) $9,916.52 (+2.86%)
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
09:42
Russian central bank completes blockchain tokenization pilot in its regulatory sandbox
08:17
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
08:16
Crypto exchange FCoin likely to default after up to $130M bitcoin shortfall
06:46
France-based Lagardère Sports partners with blockchain-based fan engagement platform Chiliz
05:36
Binance launches cloud solution to simplify launching cryptocurrency exchanges
04:52
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
04:51
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft