By Bentley Kapoor (India)
The OCB, or the Orient Commercial Joint Stock Bank, is regarded as one of Vietnam’s largest banks, as the total net worth of assets under its management is around $4.6 billion. Recently, the bank joined hands with the RippleNet network and is now one of its ‘strategic partners’. This news was announced by the Head of Fintech and Project Management, Phong Nguyen, who made a LinkedIn post about this matter. Nguyen said that now that they have Ripple’s technology at the bank’s disposal, it would be immensely useful in cutting down the costs associated with remittances and cross-border payments. Simultaneously, Nguyen also added that the speed and transparency of these transactions would also see a boost.
However, OCB didn’t just get it that easily. For over 10 months, the banking institution had been forced to utilize all of its resources for aggressively exploring new use scenarios for businesses. Only then were they able to acquire the membership of RippleNet. Nguyen also expressed his gratitude towards Ripple’s entire team, but there were two members that he specifically mentioned; Benoit Gaudiliere and Fiona Murray. These two are the sales directors of Ripple’s Singapore arm. According to Nguyen, if things were to work out, then two firms will be able to work together for delivering better services to people in Vietnam and will be able to take advantage of cutting-edge technology to do so.
Also read:The headquarters of the Orient Commercial Joint Stock Bank has its headquarters based in Ho Chi Minh City. Their overall network comprises of around 130 branch offices and these are spread out across Vietnam. Most notably, lending services are offered by OCB and their target market comprises of small and medium-sized businesses, along with retail clients. Another prominent event that took place in the history of the OCB is the acquisition of 15% stake that was made back in January by the Aozora Bank.
However, the purchase of years was completed in April 2020. Meanwhile, it should be noted that OCB is not the only Vietnamese bank that has joined the RippleNet network. The first Vietnamese bank to have signed up with Ripple was The Phong Bank (TPBank), which they did last year. This was accomplished with the launch of a remittance service, which had been done back in November 2019. The service operated from Japan to Vietnam and had been launched with the assistance of SPI Ripple Asia.
There is a huge number of Vietnamese works who are currently working in Japan. As a matter of fact, numbers show that Japan has approximately 300,000 Vietnamese workers and it is only increasing over time. The growing number of clients joining the RippleNet is an indication of its growing popularity. There is no doubt that this partnership would benefit OCB. The Vietnamese banks are not the only ones that have joined Ripple’s network. Other international banks, such as Santander, have also entered the fold in order to leverage the benefits of Ripple’s technology. They can make a big difference, especially when it comes to cross-border payments.
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