Vietnam’s Major Bank OCB Joins RippleNet to Enhance Cross-Border Payments

Nov 2020

Orient Commercial Joint Stock Bank (OCB), a major Vietnamese bank with assets worth USD 4.6 billion, has recently joined RippleNet, a network of institutional payment-providers, as a strategic partner after 10 months of preparation. The partnership will enable OCB to leverage RippleNet‘s blockchain technology and, at the same time, help the blockchain payments platform to expand in the growing Asian market. With this partnership, OCB has become the second bank in Vietnam to join hands with RippleNet, after TPBank did so in 2019.

Headquartered in Ho Chi Minh City, OCB boasts a network of more than 130 branches across Vietnam. Its clients range from small and medium businesses to retail. RippleNet network’s consists of over 200 financial institutions worldwide that facilitate payout capabilities in more than 40 currencies.

According to Mr. Phong Nguyen, Head of Fintech and Project Management at OCB, Ripple’s technology will cut down the expense and fees involved in remittances and cross-border payments while also boosting productivity and transparency.

(Sources: Blockchain Asset Review; AMBCrypto; AZ Coin News)