VANCOUVER, British Columbia, Nov. 14, 2019 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO) (“the Company”) is pleased to announce a shareholder update for its Remittance Division. The company is a credentialled attendee of the IMTC, International Money Transfers & Payments Industry conference in Miami Beach, FL Nov 12-15, 2019. CEO, Steve Marshall, has signed three Memorandums of Understanding (“MOU”) during the conference with: Argenper, MaxiCambios and Banco Guayaquil. The parties have agreed to work toward a Definitive Agreement (“DA”) concerning bilateral commissions, the technical linking of payments settlement systems and, the mechanism for the instant delivery of worldwide RevoluPAY remittances and, tourism focused cash-advances in: Argentina, Brazil, Paraguay, Bolivia, Chile, Uruguay, Ecuador, Peru and United States.
IMTC Conference Miami
The IMTC hosts over 500 delegates from 70 countries, the World IMTC (International Money Transfers & Payments Industry Conference) in Miami, held between 12-15 November, brings together market leaders in the industry, along with experts and professionals. RevoluGROUP Canada Inc. showcased RevoluPAY® to multiple participants and, is currently preparing numerous possible synergies for 12 supplementary countries. IMTC is an event solely for credentialled professionals operating in the: International Money Transfer, Remittances & Cross-Border Payments Industry. The growth of IMTC is the result of the evolution and broadening of the Non-Bank Financial Industry & traditional Banking Partners over more than a decade. From cross-border financial services, such as Money Transfer Operators (MTOs), Foreign Exchange firms, Banks, Payment Processors and Mobile Operators involved in financial services (MMOs), as well as a large array of financial institutions, fintech enterprises, brick-and-mortar or digital apps, that provide services along international migration corridors.
About Argenper And Their Remittance Delivery Markets
Argenper S.A is one of South Americas’ largest remittance companies, with physical presence and +3000 cash collection points across: Argentina, Brazil Bolivia, Chile, Uruguay, Ecuador, Peru. The company also sends and receives remittances from offices in the United States.
Banco Guayaquil S.A was founded in 1923 as a full-service retail, commercial and investment bank in Ecuador. The bank controls a national network of more than 4800 physical locations, which include 154 main offices, 880 ATMs and 4712 rural branches throughout Ecuador.
About MAXICAMBIOS And The Paraguayan Remittance Market
MAXICAMBIOS S.A is one of the leading central bank licensed remittance delivery companies in Paraguay, with 17 branches that cover the majority of the major cities in the country. The company’s main activity is the provision of foreign exchange services to companies and individuals. Its remittance delivery centers are located in the country’s main shopping centers and malls. MAXICAMBIOS performs an average of 4,000 daily remittance deliveries. Paraguay received around 600 million dollars in 2017, with the main remittance influxes to Paraguay emanating from: Spain, Argentina, the United States and Brazil.
RevoluGROUP’s Strategy for The World Remittance Market
As previously announced to shareholders, the fully functional proprietary bank licensed RevoluPAY App has the ability 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. RevoluPAY app-to-bank transfer inflows into these countries has been operating successfully for some time. 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. On June 29th, 2018, shareholders were informed that RevoluPAY S.L. had signed an NDA with a Top 40 World Banking Institution for remittance cash collections in 16 Central/South American and Caribbean countries. Said Bank successfully completed the compliance visit at RevoluPAY headquarters in Barcelona on the 4th of November. The company is now awaiting final approval from the Bank to sign the final bilateral agreement that has been in the possession of both parties for quite some time. Likewise, the company has steadfastly pursued additional negotiations to engender RevoluPAY cash collection with other internationally licensed entities, signing MOUs with potential cash delivery partners in: Peru, Ecuador, Guatemala, El Salvador, Nicaragua, Costa Rica and Mexico. Additionally, three more MOUs today for Argentina, Brazil, Bolivia, Chile, Uruguay and Paraguay. A similar objective is being pursued with today’s new Bank MOU which, if ongoing negotiations are fruitful, could add full banking services to RevoluPAY in Ecuador. From the aforementioned MOUs, the company has signed a Definitive agreement for Costa Rica on August 28th 2019 with EZPAY and, remains confident that the other pending MOUs will likewise now convert into Definitive Agreements at an increased cadence. Should the company’s strategies succeed, RevoluPAY remittance beneficiaries in most of Central/South America and the Caribbean will be able to visit thousands of locations to collect cash. For those worldwide nations not yet covered for local partner cash collection, the company will initiate inflows via the RevoluPAY Visa Card and, simultaneously seek local partners. The RevoluPAY Visa Card is currently being tested by management and beta testers around the world and, thus far, has functioned flawlessly in ATMs and Merchants accepting Visa. The final launch and, worldwide delivery of the proprietary Visa Card to RevoluPAY app users is now imminent. Concerning the major bulk of Asia, the company previously announced an NDA with a large Chinese payment conglomerate with whom it anticipates making final headway in early 2020. Management wishes to express to shareholders that while the remittance aspect of the company’s business would appear to have been somewhat relegated, this is far from the truth. Management has meticulously worked 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.
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.
Links utilized in this news release
Banco Guayaquil – https://www.bancoguayaquil.com/
Banco Guayaquil Offices – http://saladeprensabg.com/boletin/banco-guayaquil-crece-en-agencias-a-nivel-nacional/
MaxiCAMBIOS – http://www.maxicambios.com.py/empresa
Paraguay Remittance Inflows – https://www.bbc.com/mundo/noticias-america-latina-47867801
World Bank remittance Date – http://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-remittances-data
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 150,879,439 shares issued and outstanding.
RevoluGROUP Canada Inc.
For further information contact:
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
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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.