Ripple and Future Speculation

Mr. Phong Nguyen, Head of the Digital Economy and Project Management Department at the Vietnam-based Orient Commercial Joint Stock Bank (OCB), has revealed a new partnership with Ripple.

OCB is one of the most important banks in the Asian country, with OCB managing approximately $ 4.6 billion in assets.

Nguyen said they have joined RippleNet and thus have become strategic partners.

The head office of OCB is located in Ho Chi Minh City and the bank has more than 130 branches across the country of Vietnam.

The bank's services focus on providing loan services to retail and small and medium businesses clients.

In the second quarter of this year, the Japanese "Aozora" bank acquired 15% of the bank's shares.

Ripple, OCB and Financial Services Improvement:
He told “Ngoyan” that the cooperation had been achieved after 10 months of work as many “resources” had been mobilized and the possible use cases of Ripple technologies were explored at the enterprise level. He stated:

I would like to announce that (OCB) has officially joined RippleNet as a strategic partner.

Through this investment in blockchain technology backed by Ripple, we aim to apply new technology to businesses in order to reduce costs, increase productivity, achieve transparency and provide better customer service through transfers and cross-border payments with competitive and instant fees.

Additionally, Nguyen thanked the Ripple Team in Singapore for their dedication and commitment.

The cooperation aims to provide more services and improve the services already provided by the banking institution to its customers in Vietnam.

The Ripple community has welcomed the partnership with the Corporation Banking (OCB).

One user mentioned that this is another milestone in the increasing adoption of Ripple solutions.

Another user provided context about the importance of collaboration and its implications for Ripple by saying:

(OCB) is a joint venture between the Vietnamese government and BNP Paribas.

The Vietnamese government / banking industry has deep ties with the Chinese government, which is another piece of the puzzle in its place.

Therefore, it is possible to speculate about the possibility of more Ripple technologies and services being adopted in Asia.