Vancouver, BC, July 11, 2022 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce a corporate update providing shareholders some insight as the entire management team works throughout the summer to conclude numerous pending matters.
- RevoluGROUP USA, FIFTH THIRD BANK, FIS Worldpay Agreement Extension
- Top Tier Card Issuer Approval
- DFSA 4th Financial License
- Cryptocurrency Trading Registration
- RevoluPAYVideos.com media directory to launch
- RevoluPAY Revised User Goals
RevoluGROUP USA, FIFTH THIRD BANK, FIS Worldpay Agreement Extension
Further to the news release dated 22nd February 2022, on June 30th, 2022, the Company signed an addendum to the definitive agreement ("DA") with FIS® (NYSE: FIS) to include three-way participation between MSB II licensed, FINCEN registered RevoluGROUP USA Inc. and Fifth Third Bank (NASDAQ: FITB) Cincinnati, Ohio, USA. RevoluPAY continues its expansion into North America through its proprietary financial licensing through this additional agreement. Founded in 1858, 164 years ago, and one of the largest consumer banks operating 1,136 branches in the Midwestern United States, Fifth Third Bank will provide important logistical and federal banking support to the Company's US subsidiary and RevoluPAY, including transparent ACH initiation and settlement, correspondent bank support, and payment instrument backing nationwide.
Top Tier Card Issuer Approval
Shareholders were informed on the 24th of May 2022 that the Company expected granting affiliate membership status to occur imminently. Later that day, the Company signed the final agreement with the card issuer and awaited the countersigned copy. The card issuer initially informed management that the Queens Jubilee Celebrations impeded the countersigning procedure in London, England, since one of the signees is located in that jurisdiction. During the week previous to today's news, the card issuer deemed the motive for the absent countersigned copies merely logistical. However, the contract remains unchanged, and the Company can now advise that the card issuer expects to resolve its countersigning management availability in the coming days. Shareholders will remain closely informed about when the final status is granted via an upcoming news release and supportive media coverage. The partner is one of the top 4 worldwide card issuers boasting 50% of all credit cards in circulation in the US and over 50% in Europe.
Dubai Financial Services Authority (DFSA) Financial License
In pursuit of the Company's 4th international financial license, shareholders were informed on 24th May 2022 that the petition to the Dubai Financial Services Authority (DFSA) was nearing fruition. The Company received a further recommendation from DFSA resulting in the rectified final license petition having been filed on the 23rd May 2022. On June 30th the DFSA regulator replied to the Company's revised petition. As per the news release dated 4th December, 2020, the Company solicited 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.". Notwithstanding, recent regulatory vicissitudes render the Category 3C license a more tenable proposition since it expands the Company's ability to issue stored value, a now fundamental component of our activities since the advent of additional global financial licensing granted since the original DFSA petition commenced in 2020.
Consequently, the Company expects to escalate the petition to Category 3C of the UAE Payment Service Provider ("PSP") license in the coming days. Since the petition is currently at approval stage, this category modification does not render the previous application invalid, rather a mere modification to the category solicited. The regulator has already expressed in writing a tacit approval that the 3C Category license would better serve the Company’s needs. The underlying benefits of the said 3C license granting will allow the Company to implement its fiat stored value verticals while also launching its Consumer Finance subsidiary RevoluFIN Inc. Other notable aspects include a geographically favorable hub in the MEASA region at the Dubai International Financial Centre ("DIFC") as outlined to shareholders on the 4th of December 2020.
Central Bank Cryptocurrency Trading Registration
On the 17th of June 2022, the Central Bank responded, within the statutory term, petitioning for further clarification of several supplementary aspects. The Company has concluded its comprehensive revision of the reply to this new CB request and expects to file the same this week. Upon granting of said Central Bank approval, the Company expects to rapidly launch its white-label enhanced RevoluEX powered platform for DCE ("Digital Currency Exchanges") partners as per the news release dated the 14th December 2020.
RevoluPAYVideos.com media Directory to launch
Further to the news release dated 5th April 2022, outlining the exponential growth of RevoluPAY users and the organic uptake of each analogous revenue vertical, the Company has witnessed a rare phenomenon in which a vast tranche of independent vloggers have taken it upon themselves to create free educational videos to assist others who may be using RevoluPAY for the first time. This worldwide initiative is truly inspirational since it demonstrates not only the empowering nature of the Company's financial technology but also vindicates our steadfast commitment to building the closed-loop ecosystem of RevoluCHARGE, RevoluSEND, RevolUTILITY, RevoluEX, RevoluEGAME, RevoluVIP, etc. which we knew would radically change the lives of unbanked citizens around the world in a truly meaningful way. In support of this morally altruistic creativity by the new legions of RevoluPAY users making these short videos, the Company has decided to build an easily accessible online video directory which it expects to complete before the end of this month. While still in the final stages of development, shareholders are invited to view the pre-beta version live at www.RevoluPAYVideos.com to witness firsthand the excitement our financial technology engenders amongst users and the touching appreciation of our worldwide supporters whose lives are changing for the better in ways unimaginable or incomprehensible for those of us fortunate enough to have been born in a first-world environment.
RevoluPAY Revised User Goals
Further to the news release dated 5th April 2022, the Company expected to surpass 100K RevoluPAY users by June 2022. The premise of this conviction was derived from multiple previously filmed but yet unaired national US media news segments by Bloomberg, CNN and other major news outlets. These news segments ultimately did not air primarily because the supporting elements such as card issuer status, crypto DCE launch, and other important matters became inexplicably hindered, after the fact. The supportive context of what should have been this second media blitz became untethered from the facts due to the absence of certain analogous advents and upcoming partners whose presence could not logically be unveiled pending the vital but delayed advents. While the RevoluPAY user numbers have continued to increase impressively, albeit organically in the interim, the Company expects to rapidly incur the airing of the previously recorded segments and others kept in suspense just as soon as the key components of pending matters are released publicly, and as such the user generating partners involved can equally be revealed.
Links Used in this News Release.
Fifth Third Bank https://www.53.com/content/fifth-third/en.html
Nasdaq 5th Third Bank https://www.nasdaq.com/market-activity/stocks/fitb
About DIFC https://www.difc.ae/about/
3C License Dubai https://shortly.cc/O7Ztt
RevoluPAY Video Directory http://revolupayvideos.com/
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 SL situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of EU 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 186,969,692 shares issued and outstanding.
RevoluGROUP Canada, Inc.
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RevoluGROUP Canada Inc.
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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.