RevoluGROUP Canada Inc. RevoluSEND Extends Remittance Reach with Thunes
VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) (the "Company") is pleased to announce that RevoluPAY EP S.L. has signed a Definitive Agreement ("DA") with Thunes on November 23rd, 2020. The DA, approved between RevoluPAY CEO Alfredo Manresa and Adrien Antoni, Director of Thunes, permits, with immediate effect, RevoluPAY® family remittances at over 9,000 collection partner agencies offered by www.thunes.com in +100 countries. The parties have agreed upon delivery commissions payable to Thunes, independent of the amount sent and per individual beneficiary delivery and origination via RevoluPAY.
The Scope of The Thunes Accord
Today's agreement with Thunes expands the reach of the Company's remittance vertical RevoluSEND into supplementary countries, adding 38 nations previously unavailable, most notably crucial high volume remittance markets (Denoted Bold). The addition of Brazil, Chile, and Haiti in South America. Asia Pacific & South Pacific regions include Australia, Bangladesh, Cambodia, China, Fiji, Hong Kong, India, Indonesia, Malaysia, Mongolia, Myanmar, Nepal, Pakistan, Philippines, Samoa, Singapore, South Korea, Sri Lanka, Thailand, Tonga, and Vietnam. Countries on the African continent also experience an increase with the addition of Benin, Botswana, Burundi, Chad, Congo, Ethiopia, Gabon, Guinea-Bissau, Malawi, Mauritania, Niger, Somalia, Togo, and Zimbabwe. While already featured on RevoluSEND through alternative remittance partnerships, the remaining countries included within the Thunes agreement will experience an increase in remittance collection points, allied to additional national and provincial remittance delivery coverage.
In 2019, in USD, the top four remittance recipient countries were India (83.1 billion), China (68.4 billion), Mexico (38.5 billion), and the Philippines (35.2 billion). Additionally, today's inclusion of China further permits the Company to ultimately pursue the Chinese Payment Processor Definitive Agreement ("DA") disclosed in the 19th June 2018 news release.
Thunes harnesses technology permitting real‑time cross‑border payments connecting a digital payment network enabling the seamless movement of funds across borders. A single connection with Thunes grants an impressive reach into new markets and multiple disbursement options in more than 100 countries.
United States MSB License Update
Further to the news release dated 10th March 2020, the Company has opted to discontinue the Coello & Coello affiliation. Consequently, with minor assistance from the Soft Landing Global consultancy firm, the Company has begun the petition for said US MSB licenses on the 3rd of November 2020. Management has accrued adequate knowledge to undertake most of the task internally, with minimal external assistance. Shareholders are reminded that corporate executives based at the wholly-owned subsidiary RevoluGROUP USA Inc. are now adequately positioned to expedite this task, which was not the case in March 2020. The updated chronology includes simultaneous application of the Florida and Washington licenses, as well as the twenty-seven (27) state licenses petitioned through the National Multistate Licensing System & Registry's (NMLS) Multistate Money Services Businesses Licensing Agreement (MMLA) Program. Staff at RevoluGROUP USA Inc. expect to provide management with weekly updates to keep shareholders informed of the United States MSB license petition's progress. It is anticipated that the state MSB licenses should be granted before year-end.
Canadian FINTRAC License
Further to the news release dated 23rd October 2020, on 18th November 2020, the Vancouver, BC Law firm Tupper, Jonsson & Yeadon successfully submitted the completed registration to the Financial Transactions and Reports Analysis Centre of Canada. The Company is now awaiting the statutory, up to 14-day, license petition reply.
European SEPA Countries for RevoluSEND
Further to the news release dated 19th October 2020, the Company expects to include 66 additional countries and territories into the RevoluSEND remittance vertical by the first week of December 2020. These include Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Albania, Azerbaijan, East Timor, El Salvador, Georgia, Israel, Kazakhstan, Kosovo, Kuwait, Macedonia, Montenegro, Palestine, São Tomé & Príncipe, Saudi Arabia, Andorra, Bahrain, Belarus, Bosnia & Herzegovina, British Virgin Islands, Cyprus, Gibraltar, Iraq, Jordan, Lebanon, Luxembourg, Malta, Mauritius, Moldova, Monaco, Pakistan, Qatar, Saint Lucia, San Marino, Serbia, Seychelles, Switzerland, Turkey, Ukraine, United Arab Emirates.
Consequently, the Company envisages that by the end of 2020, RevoluSEND should have expanded its remittance delivery reach to over 130 countries and territories.
Links Used in This News Release
Thunes Corporate Website https://www.thunes.com/
E.U. Migration Hotspots https://shortly.cc/9t9yq
India Remittances https://shortly.cc/YU5LV
Philippines Remittances https://shortly.cc/NuGSJ
Top Four Remittance Countries https://shortly.cc/QclJi
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 built-in features include Remittance Payments, 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 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 is the self-licensed European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 and 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 the; 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 166,414,015 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.
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