RevoluGROUP Canada Inc. Corporate Update, Card Issuer, DFSA, DCE, DA Forex
May 24 2022 - 1:00PM
RevoluGROUP Canada Inc.
(TSX-V:
REVO),
(Frankfurt: IJA2) (the "Company")
is pleased to announce a corporate update.
- Top
Tier Card Issuer Approval
-
DFSA 4th
Financial License
-
Cryptocurrency Trading Registration
-
DA - Prominent Canadian Online Foreign
Exchange
-
MD&A Clarification
Top Tier Card Issuer
Approval
Shareholders were informed on the 1st April 2022
that the Company expected the granting of affiliate membership
status to occur quickly. Subsequent to said news release the
Company and card issuer have concluded all pending matters and can
today advise that affiliate membership status is expected to be
granted in the coming days. Shareholders will remain closely
informed as to when the final status is granted via an upcoming
news release. The partner is one of the top 4 worldwide card
issuers boasting 50% of all credit cards in circulation in the U.S.
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 1st April 2022
that the petition to the Dubai Financial Services Authority (DFSA)
was nearing fruition. On the 30th of March 2022 the UAE authorities
received replies to two minor queries. The Company received a
further recommendation from DFSA resulting in the rectified final
license petition having been filed on the 23rd May 2022. The
Company awaits expedited final granting of the UAE Payment Service
Provider ("PSP") license. The underlying benefits of the said
license granting will allow the Company to launch 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
As per the news releases dated the 1st April
2022, the Company replied concisely to the Central Bank’s
supplementary petition on the 25th of March concerning two (2)
additional points. External legal counsel reached out to the
Central Bank on the 18th of May 2022 for a progress report. As a
result of this call, based upon legal statutory response times,
legal counsel has informed management that a final response from
the Central Bank should be received on or before the 25th June
2022. 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.
DA - Prominent Canadian Online Foreign
Exchange
Following the news release dated 1st April 2022,
the Company has agreed on the 23rd May 2022 to two final matters
concerning real-time transaction screening and expects to sign the
underlying DA forthwith. Upon eventual signing of the DA, planned
synergies include cross-use of financial licenses and technology
linked to an eventual easing of banking regulations in North
America through the adoption of Open Banking legislation. The
Company expects to sign the final DA imminently, which should incur
the rapid launch of RevoluTRANSFER and other notable functionality
benefits for RevoluPAY App users in North America and favor
external transactions entering this region.
MD&A
Clarification
The Company informs shareholders that it has
clarified two (2) words in the Apr 29th, 2022, published MD&A
and republished the same.
Page 5, Paragraph Title - Uninterrupted
Operations of RevoluVIP
Apr 29, 2022, wording: During the “current
quarter”
May 24, 2022, wording: During the “Q2 quarter
ended November 30, 2021”
Links Used in this News
Release.
About DIFC https://www.difc.ae/about/ 3D License
Dubai https://shortly.cc/O7Ztt
About
RevoluPAY®
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 licensed United States MSB, 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 186,969,692
shares issued and outstanding.
RevoluGROUP Canada,
Inc.
"Steve Marshall" ______________________STEVE
MARSHALLCEO
For further information, contact:RevoluGROUP
Canada Inc.Telephone: (604) 332 5355Email: info@revolugroup.com
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.
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