Ripple Partners With Novatti Group To Venture Into The Asian Market

Ripple Partners With Novatti Group To Venture Into The Asian Market

An announcement by the Australian payment firm Novatti Group confirms that it has partnered with San Francisco-based blockchain company Ripple to expand in the Southeast Asia region. The collaboration will enable cross-border transactions between Australia and Southeast Asia.

RippleNet aims to foster the partnership

The official statement says the partnership aims to Novatti group customers execute cross-border transactions using a ripple network, RippleNet. RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.

With more than 250 fintech companies relying on the Ripplenet to execute transactions using blockchain technology, Novatti group aims to expand its services in Southeast Asia with the partnership. Another advantage of this partnership between Novatti and the blockchain company is to enable real-time remittance between Australia and Asia. Both firms agree to expand the partnership to integrate Ripple’s cross-border payments solution in Australia.

According to a statement released by the Managing Director of Novatti, Peter Cook, Novatti is incredibly excited to partner with Ripple, who is rapidly making it big in the global payments industry. This partnership will further increase Novatti’s competitiveness and provide our customers with access to new, innovative payment solutions. The firm is also looking forward to working with Ripple to provide its customers with access to many exciting financing solutions so that customers can free-up capital to focus on growing their businesses,

Speaking on what the Asian region looks to enjoy from the partnership, Cook said this partnership would afford Novatti the ability to gain international expansion, particularly in South-East Asia. With that, Novatti aims to deliver increased transaction volumes and revenue growth for its core payment processing business.

Ripple plans to use other digital assets to facilitate cross border payments

In a recent interview with CNN’s Julia Chatterley, The CEO of the blockchain company, Ripple, Brad Garlinghouse, says the San Francisco-based FinTech firm could expand to using other digital assets to facilitate its cross-border payments. Answering a question in that regard, the CEO replied in affirmation. Stablecoins are a little bit different and unique because even if you have a stablecoin that is dollar-backed, you still have that cross-currency problem.

Furthermore, Garlinghouse mentioned that even though Ripple’s products were designed to be efficient such that if they ventured into a market where XRP had very little liquidity, they would be able to use a different digital asset, there might be more liquidity. “We haven’t yet found a need to do that, but certainly, when we think about solving a customer problem, we want to put the customer first. If we found a market somewhere on the globe where the efficiency between XRP and that fiat currency weren’t a tight spread, we might look at using a different digital asset,” Garlinghouse said.

David Pražák