Undeterred by all odds, Ripple continues its uninterrupted growth as it gathers a foothold in one of the largest areas in the world in terms of remittances.
Ripple has now teamed up with Novatti, another Asian-focused remittance service, following the recent announcement that Ripple would acquire a 40% stake in remittance company Tranglo, an Asian cross-border payment specialist.
According to the blog post Ripple published yesterday, the Novatti Group has teamed up to make money transfers from different parts of the world to the southeastern countries cheaper, faster and more efficient.
The Navotti will leverage RippleNet’s RippleNet On-Demand Liquidity Service (ODL) which uses XRP tokens for instant payments. The partnership will ensure smooth remittance services between Australia and countries in Southeast Asia.
Additionally, the partnership signed last December was aimed at the Philippines, but now the ambitions of both companies are rising as they decide to jointly occupy the Asian remittance market.
It is noteworthy that the Philippines is the third largest remittance recipient in Asia after India and China. As the blog post quoted, Filipinos living abroad sent home $ 33.19 billion in 2020 alone. In addition, it is estimated that remittances to the Philippines could be valued at around $ 269.78 billion by 2026.
Navotti claimed that in relation to the Philippines, the partnership is vibrant and generating revenue. Together with RippleNet, they are now expanding their services to the other parts of Southeast Asia.
Earlier this month, Navotti’s general manager Peter Cook said:
“Establishing our partnership with Ripple was part of Novatti’s broader strategy to develop a banking and payments ecosystem that would quickly scale our existing platforms,” said Peter Cook, Novatti’s general manager in an announcement earlier this month.
“In addition to Ripple, Novatti’s ecosystem now includes partnerships with the world’s leading payment and fintech companies such as Visa, Apple Pay, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta and Decta.”