Blockchain-based payment company Ripple has announced its strategic partnership with Vietnamese fintech giant OCB through RippleNet to streamline its remittance services. Specifically, OCB will offer its overseas blockchain-based money transfer solutions to small-to-medium enterprises.
Through the announced partnership, e-commerce businesses and startups will experience transparency in services, reduce production costs, and avail of cross-border financial inclusions via blockchain applications powered by Ripple.
Also, OCB’s intention to improve on the said remittance service was for the company to provide a consumer-like atmosphere instead of the traditional banking setup. Meanwhile, this initiative plans to eradicate banking, financial, and insurance services in the future.
According to Ripple, this partnership is ideal as OCB holds potential ties to the Chinese government. With this, Ripple’s services could have a better adoption in China, as well as in the rest of Asia.
Ripple’s CEO Brad Garlinghouse said,
We’re seeing the greatest traction across Asia… Now it’s also clear our customers are increasingly interested in emerging markets.
This is not the only partnership that OCB has had in light of providing more financial products and services. It has also joined hands with TB Bank upon receiving the “CT Impact” award in Vietnam.
Meanwhile, months back, there were rumors about Ripple opening a payment corridor to serve Vietnam after partnering with SBI Remit. This was in collaboration with Bank Michinoku. This rumored partnership was to provide the groundwork to send remittance services to Japan.