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/
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 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.
"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.
Revolugroup Canada (TSXV:REVO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Revolugroup Canada (TSXV:REVO)
Historical Stock Chart
From Jul 2023 to Jul 2024