RevoluGROUP Canada Inc. Sendity White Label Launch and Corporate Update
VANCOUVER, British Columbia, Sept. 20, 2021 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO) (Frankfurt: IJA2) (the “Company”) is pleased to announce that the first White Label within the remittance sector launches today under the brand Sendity. The Company further provides a corporate update.
- Sendity White Label Partner Set to Launch
- DCE Management Advise of White Label Launch
- Negotiations - Prominent Canadian Online Foreign Exchange
- Negotiations – Fortune 500 Company Collaboration Agreement
- Open Banking Canada
- Top Tier Card Issuer Negotiations
- RevoluGROUP USA Inc. MSB Update
RevoluSEND White Label Partner
Further to the news release dated the 15th of June 2021, the white-label partner platform is branded Sendity. The partner launches the platform for initial trials today, the 20th of September 2021. Exclusively utilizing the RevoluPAY PSD2 banking license, the white-label platform offers remittance deliveries into Mexico, Brazil, Argentina, Colombia, Chile, Dominican Republic, Bolivia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Paraguay, Venezuela, and Uruguay. These markets are those chosen by the partner, having adopted countries in which they maintain significant users. As with all such white-label licensing, the RevoluPAY PSD2 banking license and superior KYC and AML protections sustain all financial cashflows.
DCE White Label Launch
As per the news release dated the 14th of December 2020, the Company expects to launch its first white-label enhanced RevoluEX powered platform for DCE partners in September 2021. RevoluPAY management received confirmation from the DCE management team on the 8th of September 2021 confirming that they intend to launch within the previously informed timeframe.
Prominent Canadian Online Foreign Exchange
The Company is pleased to announce that it is in advanced negotiations with a prominent Ontario-based Canadian Foreign Exchange company involved in businesses such as money transfer, online currency tools, and Currency Converters. Eventual synergies may include cross-use of financial licenses and technology linked to an eventual easing of banking regulations in Canada through the adoption of Open Banking legislation.
Fortune 500 Company Negotiations
Over the past approximately six months, the Company has been in extensive talks with a prominent Fortune 500 company involved in the international payment sector. These talks appear to be arriving at fruition. The parties commenced preparation for an eventual definitive agreement to allow international depositary services and correspondent bank accounts in numerous desirable jurisdictions, including the USA, Canada, and the United Kingdom, amongst others. Should these talks prove ultimately fruitful, the Company will obtain partner access to a portfolio of products for the financial services sector, including retail and investment banking. Likewise, the Company’s EU-issued PSD2 Master License and Canadian FINTRAC license may be utilized in reciprocal international transactions.
Open Banking Canada
With federal elections taking place today in Canada, recent news reports indicate that both Liberals and Conservatives are pledging a rapid Federal adoption of Open Banking regulations similar to those in Europe. RevoluGROUP is a leader in the sector, currently holding both the EU granted PSD2 banking license and the Canadian FINTRAC License. Bringing the RevoluPAY app’s banking technology home to Canada has been the management’s goal from the outset. A Canadian federally endorsed open banking legal framework appears to be finally approaching. During this interim term, RevoluGROUP chose to accelerate the adoption of its RevoluPAY Neobank Fintech to customers worldwide, having met and exceeded Europe’s most stringent banking security criteria to obtain the coveted pan-European PSD2 license. RevoluPAY also joined forces with the top 40 world bank BBVA, PNC, Flutterwave, and Thunes. RevoluPAY is currently transacting with +120 countries and expects to return to Canada with its Financial Technology upon final adoption of Open Banking legislation.
Top Tier Card Issuer Negotiations
The Company expects to finalize an agreement with one of the top 4 worldwide card issuers shortly. The proposed agreement permits RevoluPAY to become the primary card issuer of multicurrency payment cards both for RevoluPAY users and third-party white-label derived partnerships. Notable within the revised agreement is the ability of users to load RevoluPAY funds onto their credit or debit cards issued by any bank or those of third parties anywhere in the world. In addition, the revised agreement includes eventual direct cooperation between the proposed primary issuer license and our DCE partners, in which RevoluPAY would be the principally licensed party for card issuance. RevoluPAY would also be permitted to issue and manage all financial matters for branded cards issued to third parties. These negotiations remain subject to a binding non-disclosure agreement (“NDA”). The Company hopes to finally inform shareholders of the positively revised agreement and card issuer partner this month.
RevoluGROUP USA Inc. MSB Update
Further to the news release dated the 1st of June 2021, the Company has dealt with a predicament caused by the COVID-19 Pandemic surrounding new restrictions dated 30th August 2021 imposed by the EU on travelers from the United States and similarly enforced regulations on EU Citizens stemming from the United States Presidential Proclamation dated 25 January 2021. These evolving travel restrictions limit the movement of EU-based staff currently impeded from entering the US and restricted from returning to the EU from the US. As an immediate solution, Alfredo Manresa has temporarily resigned as Vice President of RevoluGROUP USA Inc, replaced by longtime Company advisor and Miami, Florida resident Emilio Morales. The Company is in close contact with the regulator, who requires both the President and Vice President of RevoluGROUP USA Inc. to be physically present in the United States for final regulatory assessment and license approval. The Company has chosen to promote remittance specialist Emilio Morales as VP to expedite the final MSB process. The Company expects the Florida Department of State, Division of Corporations, to amend the corporate registry with the VP appointment of Mr. Morales within ten days, clearing the way for the eventual approval of the Florida MSB license.
Links Used in this News Release.
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 175,180,592 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.