OCB Announces Participation in RippleNet

OCB Announces Participation in RippleNet OCB announces participation in RippleNet. Vietnam giant Orient Commercial Joint Stock Bank (OCB) will use Ripple's blockchain technology. Vietnam bank OCB, with $4.6 billion in assets, announced that it joined RippleNet as a strategic partner at the end of the 10-month decision process. The bank will use Ripple's blockchain technology to develop cross-border payments. Phong Nguyen, OCB's head of fintech and digital banking, reported the alliance. With this partnership, OCB will use blockchain technology to reduce the costs incurred in cross-border payments and transfers. Phong Nguyen announced the partnership, saying: “With this investment in blockchain technology powered by Ripple, we aim to apply new technology to the business to reduce costs, increase productivity, and provide transparency and best service to customers through remittance and cross-border payment.” In addition, Nguyen expressed his gratitude to Ripple's Singaporean team for their commitment, noting that the collaboration would provide impressive credit services to Vietnamese users. Key to Blockchain Growth Strategies In the unfavorable economic environment that is the result of the new type of Coronavirus (Covid-19) epidemic, Ripple is taking firm steps towards achieving global financial participation. Ripple recently announced a $10 million support for Mercy Corps to leverage digital assets to drive financial participation in the emerging market. This announcement was made at Ripple's annual conference 2020 Swell conference, which brings together different frequencies in the areas of payments, financial services, blockchain technology and policy. Ripple, on the other hand, recently underlined that using blockchain technology is the key to successful growth strategies of financial institutions. Ripple expresses on every occasion that it sees blockchain technology as a stepping stone towards global financial inclusion.