Digital banking and payments provider Novatti (ASX:NOV)
has expanded its partnership with Ripple by launching RippleNet in Siam Commercial Bank, Thailand.
The partnership began in December last year, when blockchain and crypto solutions provider Ripple teamed up with Novatti to deliver cross-border payments, with an initial focus on transactions between Australia and the South East Asia region. In April this year, Novatti tapped RippleNet’s on-demand liquidity service for remittances between Australia and the Philippines.
“The expansion of the Novatti-Ripple partnership into Thailand again highlights how Novatti can leverage its existing ecosystem to enter new markets. This is a model we will seek to replicate going forward, including in other new markets in South East Asia,” said Novatti CEO Peter Cook.
Novatti expects the process to result in thousands of transactions a month, with revenue from the partnership dependent on take-up of the services.
Shares in Novatti (ASX:NOV)
are trading 5.6 per cent higher at $0.48.