Vancouver, BC – CUV Ventures Corp. (TSX-V: CUV) (the “Company”) is pleased to announce that it has signed a memorandum of understanding (“MOU”) with Banco Bolivariano, on Sept. 09th 2019. The MOU, signed by CUV CEO, Steve Marshall and, Mrs. Maria Gabriela Valverde Farfan, Director of the Family Remittances Division, outlines a mutual desire to deploy a joint tech task force to establish the technical requirements for the RevoluPAY® e-Wallet family remittances and, cash advances for visiting tourists, to be collected at approx. 78 bank branches and, a further approx. 400 pick-up points across Ecuador. The parties have agreed to work on a Definitive Agreement (“DA”) concerning bilateral commissions, the technical linking of payments settlement systems and, the mechanism for the instant delivery of worldwide remittances and, tourism focused cash-advances. The company would also like to thank Advisor, Emilio Morales, for his assistance in forging this potentially valuable relationship with Banco Bolivariano.
About Banco Bolivariano
Banco Bolivariano is a commercial bank headquartered in Ecuador and was founded in 1979. Banco Bolivariano is the fourth largest private bank in the country, handling approximately 600 million dollars a year in remittances, approximately 60% from Europe and 40% from the United States. The bank has 78 branches throughout the country and, more than 400 supplementary remittance delivery points in rural areas. Banco Bolivariano is a modern financial institution that caters to multiple banking sectors, and its services cover remittances deliveries, fixed-term deposits, and other regular banking operations. The bank has subsidiaries, which include Casa de Valores SA, Administradora de Fondos y Fideicomisos Bolivariano SA, and more.
Remittance and Tourism Data For Ecuador
The central bank of Ecuador estimates that the country receives over $3 Billion USD annually through international remittances. Furthermore, Ecuador remains a popular South American tourism hotspot, with approximately 1.8 million visitors annually. The company’s RevoluVIP platform offers travel to Ecuador on the EcuadorVIP country website therefore, the proposed agreement with Banco Bolivariano will allow visiting tourists easy access to local currency through their RevoluPAY® app.
South American Remittance Focused Definitive Agreements
The company is in the final phases of negotiations to convert previously signed Memorandum of Understanding’s (“MOU’s”) into Definitive Agreements (“DA”) with: Interbank (Peru), Easy Pagos (Ecuador), Grupo Eficacia (Guatemala, El Salvador, Nicaragua) and, RedCHAPINA (El Salvador, Guatemala, Mexico).
The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, travel payments, retail and hospitality payments, remittance payments, real estate payments, pay-as-you-go phone top-ups, Utility Bill payments, Worldwide Gift Cards, VCC Cards, VCC Settlement, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity.
Links Utilized in this news release
Banco Bolivariano - https://www.bolivariano.com/
Ecuador central Bank Data - https://www.docdroid.net/UoZMs9t/easypagos-presentacion.pdf
World Bank Remittance Data - http://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-remittances-data
Ecuador Tourism Data - https://tradingeconomics.com/ecuador/international-tourism-number-of-arrivals-wb-data.html
EcuadorVIP - https://ecuador-vip.com/
Ecuador Remittances by City - https://docdro.id/Qkj81zu
2019 Banco Bolivariano Shareholder AGM Report - https://www.bolivariano.com/docs/default-source/general-pdf/gobierno-corporativo/junta-accionistas/jga_2019_version_completa.pdf
About CUV Ventures Corp.:
CUV Ventures Corp. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile phone top-ups, Invoice factoring, Blockchain Systems, and Fintech app sectors.
Our flagship technology is RevoluPAY®, the Apple and Android multinational leisure payments and remittance app, powered by blockchain protocols, and aimed at the worldwide + $595 billion family remittance market. Click here to read more.
For further information on CUV Ventures Corp. (TSX-V: CUV) visit the Company’s website at www.cuvventures.com. The Company has approximately 150,322,712 shares issued and outstanding.
CUV VENTURES CORP.
For further information contact:
CUV Ventures Corp.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.