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RevoluGROUP Canada Inc V.REVO

RevoluGROUP Canada Inc. is a Canada-based multi-asset, multidivisional payment services directive 2 (PSD2) central bank licensed company. The Company is deploying advanced technologies in banking, mobile apps, money remittance, cross-border forex payments, mobile phone top-ups, e-gaming, healthcare payments, e-sports, invoice factoring, online travel, vacation resort, blockchain systems, and fintech app sectors. Its segments include Travelucion S.L., RevoluPAY S.L., RP Payments S.L. and RevoluSEND. Travelucion S.L. is a licensed tour operator facilitator of RevoluVIP travel to +130 countries. RevoluPAY S.L. is a European Union (EU) PSD2 Licensed Neobank, a remittance and payment app designed as a payment platform. Its RP Payments S.L. segment is engaged in management of revenue verticals, central bank approved crypto exchange and storage. Its RevoluSEND segment offers family remittances and money transfers up to 3000 Euros (or foreign currency equivalent) to 117 countries.


TSXV:REVO - Post by User

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Post by kijijion Dec 04, 2020 9:06am
81 Views
Post# 32035749

REVO To seek Dubai Financial Services Authority PSP License

REVO To seek Dubai Financial Services Authority PSP License
TSX-V: REVO, (Frankfurt: IJA2) (the "Company") is pleased to announce that it has dispatched Company advisor Erik A. Lara Riveros 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.
 
Corporate Rational For a PSP License in Dubai
In May 2020, RevoluPAY was granted the European PSD2 license. In September, RevoluPAY received Pan-European passporting approval to operate in 27 E.U. countries. The Company has further expanded its international open banking reach through definitive agreements ("DA") with BBVA, Flutterwave, and Thunes. Additionally, via direct PSD2 SEPA passporting, the Company added sixty-eight countries and territories to its financial operations roster. In November, the Company submitted petitions for both the analogous United States MSB licenses and the Canadian FINTRAC license. The MEASA region of the Middle East, Africa, and South Asia is a significant financial hub that necessitates exposure for both financial operations and a strategic base for the region's operations. The Company considers the DIFC an excellent regional hub, having introduced robust legislation for payment services providers ("PSP") like RevoluPAY.
 
Furthermore, DIFC conveniently fills the timezone gap for a global financial center between London and New York's leading financial centers in the West and Hong Kong and Tokyo in the East. Company advisor Erik A. Lara Riveros is duly accredited with the Dubai Financial Services Authority, which should aid the Company's plans to obtain the Dubai PSP license and establish a corporate financial hub in the region. The Company has diligently prepared all required documentation, and Mr. Lara Riveros arrives in Dubai on the 4th of December 2020 to initiate the license petition process. The global operations of RevoluPAY expect to benefit from the multi timezone capability garnered from a supplementary and PSP licensed subsidiary domiciled in the MEASA region.
License Sought in Dubai
 
The Company intends to pursue the Category 3D license, which covers the following activities, "Providing or Operating a Payment Account, executing Payment Transactions or Issuing Payment Instruments, including creating and maintaining accounts for executing payment transactions, issuance of personalized sets of procedures agreed upon by the users and the provider, for initiation or execution of payment instructions."
 
About DIFC https://www.difc.ae/about/
3D License Dubai https://shortly.cc/O7Ztt
Harvard Study MEASA Region https://shortly.cc/BTJlq
 
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