VANCOUVER, British Columbia, April 19, 2021 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce an update.
- Million Bridges Launch
- BTA Wealth Management Limited
- Huobi White Label
- United States MSB License Update
- Bizum EU Wallet Load
- BBVA Merchant Accounts
- ACH Transfers USA, Canada, UAE
- Top Tier Card Issuer Negotiations
- Hashwallet
- RevoluPAY Mexico S.A. De CV
- RevoluTRANSFER Launch
- Addition GBP to RevoluPAY
Million Bridges Launch
Further to the news release dated the 20th of November 2020, the Company is pleased to announce that partner Million Bridges plans to launch on the 19th April 2021. Over the past five months, Million Bridges has cemented significant synergies for Lebanon with top-tier world-renowned governmental bodies, charities, humanitarian entities, and NGOs. In recent years, the humanitarian assistance provided by non-governmental organizations ("NGOs") has been moving towards CVA ("Cash and Voucher Assistance") programs due to their inherent advantages over traditional models of aid distribution. CVA programs allow beneficiaries more control over funds received while at the same time providing donors with added traceability and lower costs. Uniquely, Million Bridges, in conjunction with RevoluPAY, offers NGOs full CVA traceability. Donors can be confident that the specific mobile phone user uses a voucher at an approved Supermarket, Pharmacy, Gas Station, etc. This real-time data means that misuse of NGO donated funds is prevented. The dire strife in Lebanon features in a Worldbank study.
BTA Wealth Management Limited
The Company is pleased to announce that RevoluPAY EP S.L entered into a binding Memorandum of Understanding ("MOU") on the 15th of April 2021 with Dubai-based BTA Wealth Management Limited. Potential synergies include a future joint venture concerning the Company's wholly-owned Finance subsidiary RevoluFIN Inc. Other notable aspects include the ongoing petition of a Payment Service Provider ("PSP") Money Service Business License in the Dubai International Financial Centre ("DIFC") from the Dubai Financial Services Authority as outlined to shareholders on the 4th of December 2020. Today's MOU is the Company's second from the MEASA region since 2017 and signals the commencement of RevoluFIN activities with a renewed focus on RevoluPAY users and eventual credit facilities.
Huobi White Label
Further to the news release dated the 15th of March 2021, the Company's planned launch of the entirely completed Huobi white-label platform before year-end 2020 was postponed due to emerging developments surrounding Company advisor Erik Aaron Lara and DSDAQ. The Company now expects to launch an enhanced RevoluEX powered white-label platform, including projected synergies with supplementary white label parties next month.
United States MSB License Update
Further to the news release dated 15th March 2021, the Company was awaiting word from Floridian Financial Regulators concerning the MSB license's approval. RevoluGROUP USA Inc. received a mailed letter from the regulator on the 24th of March 2021 requesting several supplementary documents. The Company has diligently prepared these documents, subsequently submitted on the 13th of April 2021. The Company expects a decision from the regulator shortly.
Bizum EU Wallet Load
In addition to the previous accords with BBVA ("Banco Bilbao Vizcaya Argentaria"), the Company has recently signed an agreement on the 11th April 2021 to include direct Bizum transactions into the RevoluPAY E-wallet. 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. The Company expects BIZUM transactions to be live on RevoluPAY in May.
BBVA Merchant Accounts
Supplemental to the previous accords with BBVA ("Banco Bilbao Vizcaya Argentaria"), the Company has recently signed an agreement on the 14th April 2021 to act as a Global acquirer for major credit and debit cards for the currencies USD, GBP, CA$, and Euro. The Company is constantly seeking expansion through reduced processing fees and ameliorated conditions for RevoluPAY users worldwide. Through this enhanced agreement with BBVA, such an objective is attained.
ACH Transfers USA, Canada, UAE
The Company is in the final stages of reaching an agreement with a world-renowned financial institution to obtain RevoluPAY correspondent accounts domiciled in the USA, Canada, and UAE. The focus of this upcoming advent is to permit instant transfers to and from RevoluPAY app users' e-Wallets through the Automated Clearing House ("ACH") prevalent in North America and certain other countries. In most cases, ACH transfers are instant, conducive to both speed and lower fees for RevoluPAY users domiciled in countries where ACH is active.
Top Tier Card Issuer Negotiations
The Company has entered negotiations with one of the world's top four payment card issuers with the view to a direct partnership. The talks center around a relationship that could allow RevoluPAY to issue a new multicurrency payment card supplanting the current Euro-based RevoluPAY debit card. Discussions also include a crypto-linked credit card which the Company could issue directly either under the RevoluPAY brand or as part of the upcoming white label partnerships. The Company cannot disclose the name of the cited party at this juncture due to an active non-disclosure ("NDA") agreement. Shareholders will be kept updated as these talks mature.
Hashwallet
The Company has entered discussions with HASHWallet to create a RevoluPAY branded version of their award-winning card that allows users to store and operate virtually any cryptocurrency. The Company requires that an eventual RevoluPAY branded HASHWallet card has dual usage as a credit card. The Company feels that an all-in-one RevoluPAY indorsed HASHWallet Credit Card could prove invaluable for RevoluEX users associated with upcoming DCE partners.
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, anticipating the subsidiary be entirely incorporated within 45 days. The Company has also secured office space in Merida, Mexico's financial district, close to Scotiabank and other financial institutions. RevoluPAY Mexico S.A. De CV is expected to augment the profile and market penetration of RevoluPAY in Mexico, which receives approximately 27 billion USD in annual remittances. The new subsidiary expects to provide multilingual business hours support for North American RevoluPAY users while enhancing an additional 7-hour time-zone window to customer support already offered from Europe. The Company expects the planned Dubai office to complete the final time-zone coverage to allow for a permanent in-house 24H customer service department.
RevoluTRANSFER Launch
Due to numerous desirable business initiatives that emerged shortly before the launch of RevoluTRANSFER, the Company has chosen to postpone the unveiling to enrich the platform, conceivably including an immediate white-label deployment with certain interested international parties. The Company envisages that due to these unforeseen but inherently beneficial present-day variables, it expects RevoluTRANSFER to launch in early Q3 2021.
Addition GBP to RevoluPAY
Further to the news release dated February 22nd, 2021, the Company expects to include the GBP as a RevoluPAY E-wallet currency in May. CEO Steve Marshall expects to visit London, England, in June for various meetings.
Links Used in this News Release.
BTA Wealth Management Limited - https://bta.ae/
Million Bridges - https://www.millionbridges.com/
World Bank Lebanon Crisis - https://shortly.cc/gCiH0
Huobi - https://www.huobi.com/
DSDAQ - https://www.dsdaq.com/
BIZUM - https://bizum.es/
HashWallet - https://www.gethashwallet.com/
RevoluPAY HashWallet (mock-up)- https://ibb.co/JqhLWmB
About RevoluPAY®
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 174,630,592 shares issued and outstanding.
RevoluGROUP Canada, Inc.
"Steve Marshall"
______________________
STEVE MARSHALL
CEO
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Facsimile: (604) 687 3119
Email: info@revolugroup.com
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.