Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce that it has reached an agreement on 11th February 2021 to integrate the large, highly recognized Chinese Payment processing entity ALIPAY into RevoluPAY and upcoming white-label platforms. Final coding integration has already commenced and is expected to conclude by the 14th of March 2021.
ALIPAY is a brand of Alibaba's fintech affiliate Ant Group formerly known as Ant Financial. The group owns China's most prominent digital payment platform Alipay, which serves approximately 1.3 billion users and 80 million merchants worldwide. Alipay maintains a 54% share and Tenpay 39% of the Chinese mobile-payments market by value. However, unlike competitor Tenpay, Alipay opened its online payment systems to foreign users in November 2019. As a result of worldwide adoption since 2019, Alipay surpassed PayPal as the most utilized digital payment platform, tripling the U.S giant's annual transaction volumes. According to the Brookings Institution, Mobile payments in China alone have reached over $41 trillion (277 trillion yuan) annually; meanwhile, acceptance and use of Alipay have also grown exponentially outside of China.
RevoluGROUP CEO, Steve Marshall, commented "Since informing shareholders in September 2017 of our plans with Alipay, the Company has worked tirelessly to successfully launch our payment technology and verticals in preparation of projected volumes a synergy of this nature can produce. As explained to shareholders on 8th February 2021, management is now readying the white-label rollout of all proprietary technology. Alipay and other latent synergies have been a planned integral component from the outset. We are excited about the RevoluPAY user onboarding that white-label deals of this nature are projected to produce, and allied to the other upcoming synergies, bode well for revenue in 2021 and beyond."
RevoluSEND Phase 3 Country Integration
Further to the news issued on the 19th October 2020, the Company is pleased to announce that the following countries: Bangladesh, Cambodia, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Thailand, Vietnam will be active for remittance deliveries through RevoluSEND on or before the 17th March 2021.
United States MSB License Update
Wholly-owned subsidiary RevoluGROUP USA Inc. has now formally submitted petitions for the Florida and Washington MSB Licenses. The Company expects state feedback within 14 days. The initial registration has also been submitted to the National Multistate Licensing System & Registry's (NMLS) Multistate Money Services Businesses Licensing Agreement (MMLA) for the planned twenty-seven (27) state licenses.
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.
Links Used in This News Release
Alipay 1.3B Users https://shortly.cc/EeOk8
Brookings Institution https://shortly.cc/venzE
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian Company deploying advanced technologies in the; 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 174,430,592 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.