Ripple teams up with Novatti Group to expand in Southeast Asia

Ripple, a San Francisco-based blockchain firm that runs XRP, has partnered with Novatti Group, a digital banking and payments company based in Australia. Novatti Group unveiled this news via an official announcement on December 7, noting that this collaboration seeks to facilitate real-time cross-border transactions between Australia and Southeast Asia. Reportedly, Novatti Group’s customers will be able to execute cross-border transactions through RippleNet.

Commenting on the partnership, Peter Cook, Novatti Group’s managing director said,

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“Novatti is incredibly excited to partner with Ripple, who are rapidly disrupting the global payments industry. This partnership will further increase Novatti’s competitiveness and provide our customers with access to new, innovative payment solutions. In particular, we look forward to working with Ripple to provide our customers with access to their exciting alternative financing solutions, so that our customers can free-up capital to focus on growing their businesses.”

Cook added that this partnership will accelerate Novatti’s expansion, especially in Southeast Asia. As such, the company seeks to offer increase transaction volumes and revenue growth for its main payment processing business.

Allegedly, the partnership will initially focus on real-time remittance between Australia and the Southeast region. However, plans to expand the scope of the partnership are underway. The expansion plans will see Novatti process Ripple’s cross-border payments in Australia, with hopes of creating a new revenue source for its core business.

Vast potential in the Southeast Asia region

Over the past few years, the Southeast Asia region has displayed vast growth regarding the adoption of blockchain applications. For instance, countries such as Singapore, Malaysia, and Thailand recently announced that they had dipped their toes in various blockchain-related sectors, including cross-border payments.

The most recent blockchain-related announcement from the region came from Singapore. Reportedly, the country has rolled out a £9 million project to bolster the growth of its blockchain ecosystem. Apart from this, the project seeks to facilitate the development, commercialization, and adoption of blockchain technology for real-world use cases.

This news comes as Novatti continues becoming a partner of choice for many tier-one, multi-national firms. Before teaming up with Ripple, the company joined hands with Visa, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta, and Decta. Through these collaborations, the firm has helped validate the quality of its services and products.

At the time of writing, XRP is the third-largest cryptocurrency regarding market capitalization. The coin is trading at £0.45, representing a 1.96% gain over the past 24 hours, and a growth of approximately 200% since the start of 2020.