• Novatti will use Ripple’s cross-border solution to enter Thailand

  • Ripple may have been benched in the United States, but it is still expanding its net globally by adding more clients to RippleNet. Novatti is the most recent addition to the list, having announced plans to expand its partnership with Ripple in Southeast Asia.

    The multi-channel payments technology company is expanding into Thailand. The expansion will take place in collaboration with the Siam Commercial Bank.

    This increasing rate of remittances is a market that RippleNet users want to enter. Global Money Express Co. Ltd [GME Remittance], one of South Korea’s largest non-bank remittance service providers, joined RippleNet in August. The goal of that collaboration is similar: to connect to Thailand’s SCB.

    According to Ripple, the Thai population in South Korea is the third-largest after Chinese and Vietnamese nationals, with nearly 184,000 Thai nationals residing there. As a result, it is a critical partnership in terms of bringing in new business for the company.

    Ripple has also recently collaborated with Bhutan’s central bank to test a central bank digital currency [CBDC]. Bhutan’s goal is to reach 85 percent financial inclusion by 2023, up from 67.6 percent in 2019. The private ledger, which is based on XRPL, claims to be 120,000 times more efficient than standard proof-of-work blockchains. This, according to Ripple, makes it a go-to source for a carbon-neutral strategy.

    Ripple has made strides in the cross-border payments sector through numerous collaborations with banks, payment processors, and now countries to develop a digital currency.

    Despite the fact that the United States remains skeptical of Ripple and other crypto-based projects, innovation is gaining traction around the world.

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