- Vietnam’s OCB Joins RippleNet as a Strategic Partner
- Ripple’s Partner Nium Recently Expanded to China With New Partnership
Ripple News Today – RippleNet has just welcomed a new strategic partner, Phong Nguyen, the head of Fintech at Vietnam’s Orient Commercial. The partnership was sealed on the 16th of October and Nguyen will work on mobilizing resources from several divisions while exploring new use cases for the Ripple blockchain and the XRP token. Thanks to the use of Ripple’s technology, the OCB will boost productivity and transparency in the cross-border payments industry.
Ripple News Today – RippleNet Continues With Its Expansion Plans as the Future Remains Bright
With its headquarters in Ho Chi Minh City, OCB is one of the best financial institutions in Asia. As one of the largest banks in Vietnam, OCB boosts of $4.6 billion in assets and has more than 130 branches in the country alone. It is the second bank to join RippleNet in Vietnam. In 2019, TPBank joined the network and they have been using Ripple’s technology to boost remittance speed from a few hours to a few minutes.
Using Ripple’s on-demand liquidity solution, OCB will use XRP as a bridge for cross-border payments. So far, more than 200 financial institutions across the globe use Ripple’s ODL solution across 40 currencies. While not every transaction on RippleNet is done with XRP, more than 20% of all their transactions require the use of the token.
Keep in mind that the use of cryptocurrencies is illegal in Vietnam. So, OCB will use Ripple’s xCurrent technology which works with Ripple Interledger protocol rather than the technology that uses the XRP token. The partnership with Ripple might not involve the use of the XRP token but it will still give Ripple the adoption it needs. The remittance market in Vietnam has experienced a 23.6% growth between this year and last year and is predicted to be worth more than $51 million before the end of 2024. If the financial regulators in Vietnam see that financial institutions are using Ripple’s technology more and more, they might become more friendly to XRP and other tokens.
In other news, members of RippleNet have been making significant progress and partnerships with other financial institutions across the globe. Last week, smartereum.com reported that a RippleNet member, Nium, has expanded to China thanks to a partnership with Geoswift, a remittance services firm. In a press release, Nium noted that this deal with China is just one step into global adoption. So far, real-time settlements are now available in 14 large banks including the Bank of China.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.