Ripple Partners with Australian Payments Firm to Expand in Southeast Asia

The blockchain company partnered with Novatti Group to enable cross-border transactions between Australia and Southeast Asia.

Novatti Group, an Australian digital banking and payments company, announced today that it has collaborated with San Francisco-based blockchain company, Ripple to expand in the Southeast Asia region.

According to the official press release, the newly formed partnership will enable customers of Novatti Group to execute cross-border transactions using RippleNet. More than 300 financial companies worldwide are using RippleNet to execute transactions using blockchain technology.

The group aims to expand its services in the Southeast Asia region through a recent collaboration with Ripple. Novatti has partnered with the blockchain company to enable real-time remittance between Australia and Asia. Both companies agreed to expand the partnership to integrate Ripple’s cross-border payments solution in Australia.

Commenting on the recent announcement, Managing Director of Novatti, Peter Cook, said: “Novatti is incredibly excited to partner with Ripple, who is 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.”

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The Southeast Asia Region

The application of blockchain technology in the Southeast Asia region has grown substantially in the last few years. Countries like Singapore, Malaysia and Thailand announced the integration of blockchain technology in different sectors including cross-border payments. Novatti partnered recently with leading payments companies worldwide, including Visa, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta and Decta. The company aims to take advantage of the growing market of Southeast Asia with its recent collaboration.

“This partnership will fast-track Novatti’s international expansion, particularly in South-East Asia. In doing so, we aim to deliver increased transaction volumes and revenue growth for Novatti’s core payment processing business,” Cook mentioned.

XRP, the cryptocurrency developed by Ripple, has gained more than 200% since the start of this year.

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