Cuba Ventures Corp. tests Beta 2 of its Revolupay(R) blockchain app, awarded an Amadeus GDS license, and proposes an electronic banking subsidiary
Globe Newswire - Thu Jan 18, 7:00AM CST
VANCOUVER, British Columbia, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSXV:CUV.VN) (Frankfurt:IJA2) (OTCBB:MPSFF) (the "Company") - is pleased to announce that, as a result of the recently signed Definitive Agreement with UXS Mobile for internationalization of the Company's blockchain-based mobile remittance and payment application, the Beta 2 version of the Revolupay(R) app is now in live testing phase and ahead of schedule. Revolupay(R) will be initially deployed in significant remittance markets in Latin America and the Caribbean under the proposed national master franchisee model. Sneak Peek of Revolupay Beta 2.0 (Link)
Further to the Company's November 3rd news release, its wholly owned travel division Travelucion has been awarded a license as a GDS distributor with Amadeus IT Group SA, an international travel technology developer.
Further, the Company has obtained initial European mercantile registry acceptance for the creation of a subsidiary to be named "Revolupay Europe EDE" (electronic money institution.) The Company is actively seeking to obtain the cited banking license and has contacted the "Big 4" consulting firms (Ernst & Young, Deloitte, KPMG, and PwC), having concluded initial talks thus far with Ernst & Young. Should the EDE license be approved, the proposed wholly owned subsidiary will have both proprietary Swift and ACH ability, and be fully licensed under European law to operate as an electronic money institution (EDE). Such a banking license would allow autonomous banking operations and reduced transaction costs for Revolupay, allied to an increase in projected profit from the estimated 2% featured in the Revolupay Presentation to approximately 4%.
Company Update and Progress Report
Mobile Internet in Cuba - As the Company previously projected, on January 3rd 2018 the Cuban government announced that it had begun the nationwide rollout of mobile internet. Cuba has a 93% national cellular coverage and Cuba Ventures welcomes this news of the inclusion of cellular data to the existing GSM cellular network.
Atos Meeting - During a recent visit to Europe, CEO Steve Marshall and advisor Bernard Lonis met with a director of the European tech giant Atos. Talks centered on the possible deployment of a large-scale data mining center. Management continues to study this attractive opportunity related to both proprietary and third party crypto currency mining. You can view Atos' website by clicking the link, here.
Capital Conference Bahamas - CEO Steve Marshall, attended this prestigious event from January 12th to 14th. The Company concluded numerous presentations and meetings with Canada's large brokerage houses and, both private and institutional investors.
CubaFin Lending Platform - In-house software engineers are concluding the final beta three iteration of the proposed CubaFIN lending platform, as per the Company's news release dated August 8th, 2017. This most recent version of the overall lending and factoring platform will serve as the basis for the concluding negotiations with Al-Fahim Group.