SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT
SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services.
SBI LY HOUR Bank is one of the fastest-growing local commercial banks in Cambodia, one that initially began operations by offering financial services to customers after obtaining a microfinance licence in 2012.
After seeing its growth potential, SBI LY HOUR Bank applied for a commercial bank licence from the National Bank of Cambodia, which was approved in March 2020.
Despite the Covid-19 pandemic, SBI LY HOUR Bank is still moving forward to serve the demands of urban and rural people in the low and middle-income segments.
As of the end of April 2021, SBI LY HOUR Bank boasted 45 branches in 24 provinces and Phnom Penh.
SBI LY HOUR Bank CEO Soeurng Uth said: “SBI LY HOUR Bank is happy to co-operate with TPBank, which SBI Holdings has invested in. To have such real-time and low-cost money transfers absolutely benefits the Cambodian people. Customers will be able to quickly transfer out via our bank partnerships.
“This connection allows customers who have a Bakong account – the mobile payment system initiated by the National Bank of Cambodia – to instantly make fund transfers from the account directly to our Ripple service. As well as the benefit to our customers, it’s a good opportunity to enlarge local resource capacity by absorbing new technological platforms and transformations.”
TPBank CEO Nguyen Hung stated: “Our cooperation with SBI LY HOUR Bank on the application of blockchain technology in cross border money transfers marks a new milestone for enhancing customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.
“As one of TPBank’s shareholders, SBI Holdings – a financial leader actively in-vesting in a wide variety of technologies including fintech, AI and blockchain, as well as a pioneer in diverse financial services – provides significant support for TPBank in cross border money transfers.
“Transactions are executed faster while ensuring safety and transparency, and cash flows will still be legally transferred via foreign banks to Vietnam. At TPBank, transactions are ensured to comply with all domestic and foreign regulations including anti-money laundering.”
Meanwhile, SBI Ripple Asia CEO Adam Traidman said: “The booming Cambodian economy is one of the most attractive markets around the world. SBI LY HOUR Bank has achieved steady business success. The adoption of new technologies will further differentiate the bank from its competitors. We will expand our collaboration to include digital assets based on remittance services in the future.”
▪ About SBI LY HOUR Bank: www.sbilhbank.com.kh. SBI LY HOUR Bank Plc. is a subsidiary of SBI Holdings (http://www.sbigroup.co.jp) that was established on July 8, 1999 and is a listed company in the Tokyo Stock Exchange (the “Group”). The Group that has its headquarters in Tokyo, Japan currently has more than 300 companies across 22 countries and regions around the globe. The Group globally operates business in segments such as financial services, asset management, biotechnology, healthcare and medical informatics and others. As end of March 2021, the Group has consolidated total assets of USD65.1 billion, total paid-in capital of USD891.70 million, and total revenues of USD4.89 billion. The group is building a stronger corporate organisation by pursuing and exercising “synergies” through effective utilisation of management resources and organic coordination of business know-how within the Group.
▪ About TPBank: https://tpb.vn/eng/ve-tpbank. TPBank is a Vietnamese commercial bank established in May 2008. The Group has invested in the company in August 2009, owning a 19.9 per cent of shares. The bank uses advanced technology to in-crease loan balances, particularly in the retail sector. Its market capitalisation touched over USD1.29 billion at the end of March 2021.
▪ About SBI Ripple Asia: https://ripple.com/sbi-ripple-asia/. SBI Ripple Asia was jointly established by SBI Holdings and Ripple Labs Inc in May 2016 to provide a settlement platform based on RippleNet for customers in the Japan-centric Asian region.
▪ About RippleNet: RippleNet is a financial infrastructure that leverages blockchain and XRP to deliver innovative solutions to a global network of partners. It is both decentralised and standardised. This innovation enables RippleNet to work without the over-head and constraints of legacy providers’ offerings, and to move money with the same speed and efficiency that information moves today.
For further information, please contact: SBI LY HOUR Bank Plc on 855-12 862 821