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Although Ripple has been having a problematic relationship in the United States, still Ripple’s expansion across the globe isn’t affected by it. Recently a piece of news broke out in the market regarding the newly carved Ripple’s partnership with Novatti and XRP’s utilization in Southeast Asia’s fast-growing and lucrative international funds transfer market. Regardless of Ripple’s troubles with the US, it keeps pushing to use XRP for the remittances in the Asia Pacific payments by means of a newly carved partnership with Novatti, which is a top-listed payments company.
As per Ripple’s official blog, Novatti has partnered with payment networks of Ripple’s global tapping the On-Demand Liquidity (ODL) service of RippleNet for XRP leverage instant faster and cheaper remittances across the borders of Southeast Asia and Australia. 40% stake of Ripple’s acquisition shall be followed by the partnership with Novatti in Asia for the sake of expansion of the payment networks of RippleNet.
Asheesh Birla, RippleNet’s general manager, stated via tweeter that by means of sending iRemit payments via ODL has kept on building a strong relationship between Novatti and Ripple’s APAC. The partnership was signed in December of 2020, initially aimed to focus on the remittances between the Philippines and Australia by means of iRemit, the Philippines-owned remittance platform. It is well acknowledged that after India and China, the Philippines is the 3rd biggest remittance-receiving country across the whole of Asia as Filipinos from abroad sent $33.19 billion back to their home in 2020.
Ripple (XRP) seems to have huge and massive potential for distinguished growth in the digital funds’ transfer market of Asia-Pacific. Allied Market Research (AMR) suggests that it is most likely that the worth might spike up to USD 269.78 billion in a couple of years to come till 2026. Well, now the partnership is generating reasonable revenue. Novatti intended to expand it by bringing further services to more countries and customers across Southeast Asia.
Peter Cook, the managing director of Novatti, shared his broader plans of the firm, and he mentioned that developing a partnership with Ripple is just a part of bigger plans for establishing a broader strategy for payments and banking the ecosystem, and this partnership will play a role of catalyst for the existing platform which will scale quickly in the coming time as he added that currently, Novatti is already in partnership with fintech companies like Apple Pay, Visa, Alipay, UnionPay International, Samsung Play, Google, Decta and many other world-leading payment companies. He says the partnership with Ripple is just a step ahead to achieve the settled goals.
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