- Ripple has expanded its partnership with Novatti to Thailand, partnering with a local bank to process thousands of transactions a month through RippleNet.
- The two first partnered back in December 2020 and initially targeted the Australia-Philippines corridor, leveraging XRP for instant, cross-border payments.
Ripple has expanded its partnership with multi-channel payments technology firm Novatti to target the Thai market. The two have been working together since December last year, offering users cheap and instant funds transfers by leveraging RippleNet and XRP.
Novatti (#ASX: $NOV) is pleased to expand its partnership with @Ripple into Thailand. With this, we have partnered with @scb_thailand, through #RippleNet, to process cross-border #digitalpayments instantly through #blockchain and #XRP. Read more at: https://t.co/1vODKpL2SQ pic.twitter.com/Gc908i4Jnd
— Novatti (@NovattiPayments) September 23, 2021
Australia-based Novatti Group announced the expansion today. For this, the two joined hands with Siam Commercial Bank. Novatti expects to process thousands of transactions a month through RippleNet, a network for institutional payment providers. According to Novatti, the partnership is already generating revenue.
When they partnered in December last year, the two companies targeted the payment corridors between Australia and South East Asia, mostly in the Philippines. Going forward, they will launch their services in new markets across South Asia, Novatti stated in its press release.
Peter Cook, the Novatti managing director stated:
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.
The latest partnership comes just days after Ripple revealed that it was working with the Royal Monetary Authority, which is the central bank in Bhutan, to develop a CBDC. The bank is set to pilot its digital ngultrumon RIpple’s CBDC solution. It hopes the digital currency can promote financial inclusion in the country to at least 85 percent by 2023.
SEC’s shift is an admission of defeat – legal expert
As Ripple continues to forge ahead in its development and expansion, the SEC is devising a new attack angle according to one journalist. Fox Business’ Chris Gasparino revealed recently that according to his sources within the SEC, the regulator has slightly adjusted the charges against Ripple.
“SEC Enforcement sources say that the logic of the agency’s case versus Ripple is that the company’s infrastructure is STILL being built out to so XRP – the token which was used to finance the thing – is considered a security while Ethereum has been totally built out for years,” he claimed.
According to one legal expert, such a move would only serve to show that the SEC is admitting defeat in its legal battle against Ripple. Attorney Jeremy Hogan believes that not only is the argument factually wrong, it also contradicts the SEC’s previous position on whether they have declared Ether as exempt from being labeled a security.
“Eth2 is a set of upgrades that improve the scalability, security, and sustainability of Ethereum. So…the upgrade just happened – sounds like the Ethereum network is not “totally built out” after all,” he stated in a recent video.
The attorney, who is vastly popular in the XRP community, added:
If the SEC truly is going to try and make an argument that the difference between XRP and Ether is that the Ripple ledger is not fully built out – that is a major shift in SEC strategy and major admission of a defeat for the SEC.