SBI Ripple Asia has just confirmed that it will be working with SBI Remit and Vietnam’s TPBank to facilitate remittance payments between Japan and Vietnam. The partnership will enable near-instant, low cost payments using the collaboration between Ripple Labs and SBI Holdings, RippleNet.

Although the partnership is certainly encouraging for the adoption of RippleNet, the price of the Ripple-launched XRP digital currency  didn’t move on the news. The third largest digital asset by market capitalisation is down almost 2.75 percent over the last 24 hours.

SBI Ripple Asia Deploy RippleNet for Remittances Between Japan and Vietnam

According to a press release, SBI Ripple Asia, SBI Remit, and Vietnam’s Tien Phong Bank have just launched the first remittance service between Japan and Vietnam using distributed ledger technology. The news follows the pair partnering earlier this month.

A press release from TPBank announced the deal at the start of November, explaining that the bank had previously implemented a blockchain-based domestic money transfer system and had plans to create similar services between Vietnam and other Asian nations using RippleNet.

Nguyen Hung, the CEO of TPBank, stated the following of the new service:

“Our cooperation with SBI Ripple Asia Co., 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.”

Interestingly, a representative of SBI Group, Yoshitaka Kitao, not only praised TPBank’s progressive stance towards cutting-edge technology but added that SBI Ripple Asia is looking into providing cryptocurrency remittance services in the future. He stated:

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