Ripple partnership with Novatti (ASX:NOV) goes live in Phillipines

Company News

by Melissa Darmawan

Digital banking and payments company Novatti’s (ASX:NOV) recently signed partnership with blockchain disrupter Ripple is now live in the Phillipines.

The partnership with Ripple was first announced in December last year with the aim to facilitate cross-border transactions between Australia and the South East Asia region.

With Novatti’s main focus on the Philippines, the company joined forces with remittance service provider, iRemit, through RippleNet. iRemit is Philippines’s largest non-bank in providing fund transfer and remittance services to overseas-based Filipino workers and migrant workers.

The arrangement is expected to generate several thousand transactions each month being processed by Novatti through RippleNet.

This company has been building on an existing list of tier one global partnerships with the likes of Google Pay, Samsung Pay, Union Pay, Visa and Alipay under their belt enabling a range of finance technology solutions. These include providing bill payment services under the banner of ChinaPayments, Flexepin a cash top-up voucher, Flexewallet for remittance and compliance services and prepaid cards under VascoPay just to name a few.

CEO & Managing Director of Novatti, Peter Cook, said “we are delighted to see this partnership delivering for both Novatti and Ripple in such a short period of time. The partnership with Ripple not only provides Novatti’s customers with access to new, innovative payment solutions, it also highlights how Novatti’s partnerships translate into revenue.”

The share price has jumped 5 per cent during Friday’s session. The stock price has doubled from 25.4 cents in January to close at 52 cents yesterday and soared over 330 per cent in the past year.

The company reported half-year sales revenue of $7.35m, up 49 per cent year-on-year. Mr Cook talks about the results from the December quarter in our exclusive interview available here - https://www.finnewsnetwork.com.au/archives/finance_news_network307815.html

Shares in Novatti (ASX:NOV) closed 5.05 per cent higher at 52 cents.