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RippleNet’s New Member – SBI Confirms Japan-Vietnam Remittance Service with Major TPBank

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  • Yuri Molchan
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    SBI Ripple Asia confirms its collaboration with major Vietnam’s TPBank to set up Japan-Vietnam remittance via Ripple

RippleNet’s New Member – SBI Confirms Japan-Vietnam Remittance Service with Major TPBank
Cover image via 123rf.com

Earlier, U.Today reported about a partnership between the Japanese financial giant SBI and one of the largest banks in Vietnam – TPBank – regarding financial wire transfers on blockchain.

Back then, the TPBank’s CEO, Nguyen Hung, merely stated that the bank would be cooperating with SBI in the sphere of financial transactions. Now, the fact of the new remittance service between Japan and Vietnam powered by RippleNet is confirmed.

Yoshitaka Kitao, Representative of the SBI Group, said:

“The booming Vietnamese economy is one of the most attractive markets around the world. TPBank, which the SBI Group has invested in, in 2009 and owns a 19.9% share of, has achieved steady accumulation of loans and non-interest income such as settlement services, by actively utilizing cutting-edge technologies. The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”

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RippleNet-based payments integrating in developing countries

Vietnam is not the first Asian country where RippleNet is going to be used. On Thursday, U.Today wrote about another Ripple-powered payments company – Nium (formerly known as InstaRem) partnered with Visa Direct to conduct instant payments to Indonesia. Prior to that, the platform received a license from the Bank of Indonesia.

On the same day, it was reported that the major Japanese Softbank, Ripple’s partner, is planning to merge with the popular Japanese LINE messaging app.

Softbank owns Ripple-powered Japanese MoneyTap payments app which has recently partnered with a similar platform - PayPay. Thus, they could both benefit from this potential deal.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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