Novatti’s partnership with Ripple goes from strength to strength as network expands into the Thailand market
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Novatti has now secured expansion into two key markets within six months of launching the product.
Multi-channel payments technology company Novatti (ASX:NOV) continues to execute on its southeast Asian expansion strategy, in partnership with global blockchain and crypto solution provider, Ripple.
The company announced this morning that its partnership with Ripple has now expanded into Thailand where it’s already generating revenue. This partnership leverages the top 10 global cryptocurrency, XRP, to process cross border payments instantly, and highlights Novatti’s exposure to the broader growth in the use of cryptocurrency globally.
The network expansion is being carried out in partnership with Siam Commercial Bank, one of Thailand’s largest banking groups, through RippleNet.
The Ripple partnership was initially struck last December, and the new distribution into Thailand follows on from Novatti’s first live roll-out in the Philippines.
Commenting on the latest update, Novatti CEO Peter Cook said the group’s Ripple partnership is going “from strength to strength”.
Cook said it also marks another example of 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,” he said.
Shares in Novatti jumped by almost 10% in morning trade, as investors responded to further evidence that the company’s executive team is executing on its multi-channel distribution strategy across global markets.
It continues a strong run of news flow, after Novatti booked record annual revenues of $18.4m in FY21 and completed a marquee $40m capital raise.
Along with the acquisition of a strategic 19.9% stake in ASX-listed Reckon Group (ASX:RKN) and the growth of Emersion – Novatti’s fully-owned billing subsidiary – the company is poised for further growth in the multi-billion dollar global payments market.
This article was developed in collaboration with Novatti, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.