Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce an update.
- MSB License USA
- DIFC PSP License
- Top Tier Card Issuer Negotiations
- Huobi White Label
- Bizum EU Wallet Load
- RevoluSEND White Label Partner
- RevoluPAY Mexico S.A. De CV
MSB License USA
Further to the news release dated the 19th of April 2021, the Company has received word from Floridian Financial Regulators concerning the MSB license's approval. As the final step, the director and compliance officer of RevoluGROUP USA Inc. must now attend the Florida Department of Law Enforcement (FDLE) center to capture biometrics and fingerprint live-scan for direct upload to the FDLE's encrypted system. Once achieved, an ORI number is issued, which is assigned to the Regulator for final approval. The Company expects to complete this final step during an appointment at the FDLE Center later this month.
DIFC PSP License
Further to the news release dated the 4th of December 2020, the Company advised of its intent to pursue the petition of a Payment Service Provider ("PSP") Money Service Business License in the Dubai International Financial Centre ("DIFC") from the Dubai Financial Services Authority. The Company has now concluded all the preliminary legal paperwork required, having protocolized said documents with the UAE Ministry of Foreign Affairs in Ottawa, Canada. Subsequently, these documents are now safely with the corporate attorney Lecoq Associates in Dubai. The Company expects the final license petition to be conclusively submitted by month's end.
Top Tier Card Issuer Negotiations
The Company is pleased to announce that negotiations with one of the world's top four payment card issuers are proceeding favorably. Preauthorization has already been granted. The Company is now concluding some of the final steps required. The talks previously centered around a relationship that could allow RevoluPAY to issue a new multicurrency payment card supplanting the current Euro-based RevoluPAY debit card. In addition, discussions have now included an eventual liaison with various previously announced DCE partners, in which RevoluPAY would be the principally licensed party for card issuance. RevoluPAY would also be permitted to issue and manage all financial matters for branded cards issued to third parties. These negotiations remain subject to a binding non-disclosure agreement ("NDA"). The Company hopes to be able to disclose the name of the cited party later this month. Shareholders will be kept informed as these talks advance.
Huobi White Label
Further to the news release dated the 19th of April 2021, the Company has remained in close contact with Huobi concerning its launch of the, powered by RevoluPAY, entirely completed Huobi white-label platform. Company advisor Erik Aaron Lara has informed that the rapidly evolving Crypto sphere has compelled Huobi to increase its presence across Europe and adapt to positive market forces. The Huobi white-label may also now supplant a legacy platform previously in existence. Huobi advises the Company that the delayed launch of the enhanced RevoluEX powered white-label platform is directly correlated with the widening acceptance of Crypto in multiple economic sectors, meaning a greater exposure which may include diverse markets and a single corporate App.
Bizum EU Wallet Load
Further to the news release dated the 19th of April 2021 the Company advised it had signed new accords with BBVA ("Banco Bilbao Vizcaya Argentaria"). Due to certain external factors, including the recent PNC acquisition of the BBVA assets in USA, the direct Bizum transactions planned through RevoluPAY E-wallet were rescheduled until mid-June. Bizum is a joint technology partnership between 24 banks to allow seamless transfer of funds to and from the Bizum ecosystem, of which RevoluPAY as institution 6900 is now affiliated.
RevoluSEND White Label Partner
The Company has entered into discussions with a European Central Bank licensed entity concerning an eventual licensing of RevoluSEND for remittance deliveries into Mexico, Brazil, Argentina, Colombia, Chile, Dominican Republic, Bolivia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Paraguay, Venezuela and Uruguay. The financial entity in question does not possess the Central Bank license required to carry out the activities in the remittance sphere. Conversely, the PSD2 banking license held by RevoluPAY provides unfettered access to this industry. A synergy is planned in which the financial institution would operate a remittance platform, with all flows, AML and KYC handled by RevoluPAY, essentially operating under the RevoluPAY license, with all cash flow-through managed by RevoluPAY. These negotiations are subject to a binding non-disclosure agreement ("NDA"). This promising accord with an established financial institution is expected to enter a definitive agreement ("DA") phase forthwith.
RevoluPAY Mexico S.A. De CV
Company advisor and attorney Walfrido Quinones began incorporating the 6th wholly-owned subsidiary known as RevoluPAY Mexico S.A. De CV. The Company received initial approval from the Mexican Secretary of Economy on the 26th of March 2021. Over the previous six weeks, the Company has been working closely with a specialized notary aligned to the Mexican consulate in Canada to satisfy protocolized powers of attorney ("POA") acceptable to the Mexican authorities. The Company expects these critically important Mexican approved documents to be transmitted to the Mexican authorities this month.
Links Used in this News Release.
The Company's flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company's intellectual property. RevoluPAY's built-in features include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Leisure payments, Travel Payments, etc. RevoluPAY employs blockchain protocols and is squarely aimed at the worldwide multi-billion dollar Open Banking sector and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a dual-licensed Canadian FINTRAC and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with EU Passporting. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at www.RevoluGROUP.com. The Company has approximately 174,980,592 shares issued and outstanding.
RevoluGROUP Canada, Inc.
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Facsimile: (604) 687 3119
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.