VANCOUVER, British Columbia, April 28, 2020 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) in light of the recent news concerning the PSD2 Banking License, the company is pleased to provide an update to the RevoluPAY remittance business.
Paradigm Shift in The Remittance Market
The + $595 billion family remittance market has experienced significant changes over recent years. For decades dominated by just a couple of multinational corporations, the recent emergence of Fintech digital banking has seen the market share of the historic players in the industry erode in favor of more agile, infinitely cheaper and easier solutions. One of the few remaining archaically run industries resisting digital disruption, still utilizing carbon paper at quirky physical deposit centers strewn around the country. Unsurprisingly, in recent times remittance senders living in high GDP nations have begun to migrate towards mobile phone-based apps, linked to more convenient digital banking systems, to send vital funds to their loved ones. However, the abandonment of old habits was slow, with just a few annual percentage points of the market being surrendered to Fintech innovators. The most recent world epidemic has sent shockwaves through the industry and served to ultimately convince droves of remittance senders to boycott the standing in line at physical offices to send remittances, in favor of simpler systems that can achieve the same objective right on the screen of the ubiquitous mobile phone. Over the past 2 years RevoluGROUP has steadfastly pursued a tranche of this enormous market, fomenting relationships with licensed international cash delivery agents and banks in over 70 countries while, at the same, patiently awaiting the granting of a PSD2 banking license that would allow limitless transaction processing through our RevoluPAY remittance platform.
As we approach the crescendo of our objective, the following is a reminder to shareholders of the tireless preparation work accomplished by the company over the past few years in anticipation of the granting of the PSD2 banking license. A direct link to the corresponding historic news releases relating to each event is provided to serve as recap for longer term shareholders and, a concise historic familiarization for newer shareholders.
Multiple Remittance Related LOI and MOU
Based upon the recent PSD2 focused new release dated 24th April 2020, the company is immediately concluding final negotiations to convert previously signed Memorandum of Understanding’s (“MOU’s”) into Definitive Agreements (“DA”) with: Interbank (Peru), Easy Pagos (Ecuador), Grupo Eficacia (Guatemala, El Salvador, Nicaragua) and, Banco Bolivariano (Ecuador). Argenper (Argentina, Brazil Bolivia, Chile, Uruguay, Ecuador, Peru), Maxicambios (Paraguay), Banco Guayaquil (Ecuador).
Undisclosed NDA Parties
Top 40 World Bank (Argentina, Dominican Republic, Honduras, Peru, Bolivia, Ecuador, Mexico, Suriname, Brazil, El Salvador, Nicaragua, Uruguay, Colombia, Guatemala, Panama, Chile, Guyana, Paraguay, Surinam). The status concerning this impending relationship is that on February 13th 2020 the company received a written communication from the said bank confirming that all compliance and board approvals have been granted and, upon final granting of the PSD2 license, the definitive agreement is ready to sign. Furthermore, in this particular case, the company has completed all of the technology integration into a yet unreleased version of RevoluPAY, all of which has been approved under intensive beta testing by the bank.
Nasdaq Listed Mobile, Cable, Pay TV Company focused upon the Mobile, Cable Broadband and Paid TV sectors, with over 50 million subscribers and, present in the South American and, African markets. The company is in final stages of an agreement with this entity for user onboarding and bilateral technology deployment.
Large Chinese Payment Processor – With a final agreement impeded by PSD2 delays, the parties continued their intent to pursue a mutual relationship for RevoluPAY® in Asia and remain in talks in order to facilitate these advances once the PSD2 is officially granted.
Other Notable LOI Parties
Bhavnani and Al Fahim – Both parties remain intrinsically intwined within the future of RevoluPAY, as it pertains to post-granting of the PSD2 License. Shareholders will be updated as to the role of each entity shortly.
Remittance Definitive Agreements
RedCHAPINA (El Salvador, Guatemala, Mexico)
EZPAY (Costa Rica)
Similar to the Top40 bank, the company has been working towards the technology integration into RevoluPAY to allow immediate remittance deliveries through both networks upon the final granting of the PSD2 license.
RevoluGROUP’s Strategy for The World Remittance Market
As shareholders are aware, the company has diligently utilized all available time while awaiting the granting of the PSD2 banking license which was obligatory to process the limitless volumes of transactions required in the multibillion dollar remittance industry, concentrating primarily on the development of the now fully functional proprietary bank licensed and central bank approved RevoluPAY App. The ability of RevoluPAY to deliver e-wallet funds to any SEPA or Swift affiliated bank account in 73: Pan-European, Eastern European countries plus, certain nations in the Middle East, has been active for over a year, however true commencement has been marred by the aforementioned transaction volume limitations due to the absence of the said banking license. The company then began focusing upon the most ubiquitous worldwide remittance flows, which involve physical cash collection using RevoluPAY, particularly applicable for unbanked remittance beneficiaries or world travelers. For those worldwide nations not yet covered for local partner cash collection, the company has initiated inflows via the successfully launched RevoluPAY Visa Card, while simultaneously seeking additional local cash-out partners. Management wishes to express to shareholders that, while awaiting the granting of the PSD2 banking license, the remittance aspect of the company’s business appears to have been somewhat relegated but, as exemplified above, this is far from the reality. Management has meticulously driven and, will continue to strive, to ensure that RevoluPAY app users, wherever they may be, have access to immediate cash at the lowest possible cost, allied to a myriad of in-app options to transfer funds electronically from app to bank accounts of their choosing or, to their linked RevoluPAY Visa Card.
Analogous Fintech Verticals
From the outset, it was clear to the company that merely disrupting the remittance business was not enough. Likewise, it has developed fully fledged analogous vertical revenue streams intrinsically interrelated to the exacting needs of remittance senders and receivers. Specifically, RevoluCHARGE, RevolUTILITY, RevoluEGAME, RevoluVIP and RevoluFIN have all been codeveloped with this core market in mind. Allowing users of RevoluPAY to resolve multiple necessities from a single closed-loop payment source.
About RevoluPAY®
The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, 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 158,139,272 shares issued and outstanding.
RevoluGROUP Canada Inc.
“Steve Marshall”
______________________
STEVE MARSHALL
CEO
For further information contact:
Don Mosher
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@revolugroup.com
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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.
