Fintech firm Novatti Group Limited (ASX:NOV) has expanded into Thailand and is generating revenue.
Ripple’s global financial network technology, RippleNet, provides its partners with the ability to process cross-border payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top 10 global cryptocurrency currently valued at more than USD$40 billion.
Novatti and Ripple’s partnership began in December 2020, with an initial focus on targeting cross-border transactions between Australia and the South East Asia region.
In April this year, Novatti tapped on RippleNet’s On-Demand Liquidity (ODL) service for remittances between Australia and the Philippines, leveraging XRP for instant, cross-border payments.
With this expansion to Thailand, Novatti has partnered with the first Thai bank, Siam Commercial Bank (SCB), through RippleNet.
This is expected to result in thousands of transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services.
Managing Director, Peter Cook, said that going forward, Novatti and Ripple will continue partnering to launch this innovative service in new markets across South East Asia.
The partnership between Novatti and Ripple continues to go from strength to strength. Within the first year of our partnership, we have successfully launched and generated revenue from new services in two countries in South East Asia alongside leading local partners, such as Siam Commercial Bank,” Mr Cook said.
“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.”
This announcement follows some of Novatti’s other recent growth-focused achievements, including:
- Delivering record total annual revenue of $18.4m for FY21, an increase of 55% on FY20
- Completing a $40m plus capital raising to expand its growth strategy
- Securing a 19.9% strategic stake in leading accounting software platform, Reckon Limited.
