VANCOUVER, British Columbia , April 24, 2020 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) is happy to announce an replace regarding the PSD2 Banking license petition.
Hogan Lovells Gives PSD2 License Standing Replace
Company attorneys Hogan Lovells have supplied RevoluPAY S.L with a written PSD2 license approval replace dated 23rd April 2020. Within the letter to RevoluPAY S.L CEO, Alfredo Manresa, the lead legal professional states: “We’ve got contacted the Financial institution of Spain quite a few instances relating to your (license) petition file. It has been totally accepted by the (Central Financial institution) Fee Techniques and authorization divisions and is already pending approval by the Government Committee, which ought to happen shortly, not more than three weeks (because of the difficulties of the nationwide state of alarm and the COVID, it is not going to be earlier than). This is good news after a lot time and delays.”
RevoluGROUP Company Response to COVID-19
RevoluGROUP Canada Inc. and our 5 wholly owned subsidiaries generate income by way of our digital FinTech apps and analogous web-based direct-to-consumer gross sales platforms. Not like bricks and mortar companies, our platforms have remained totally practical all through the entire present world shutdown.The corporate’s give attention to floor breaking know-how that allows worldwide distance transactions has confirmed a superb ally throughout these uncommon instances. Moreover, the worlds populace is going through a brand new actuality, one wherein presential transactions are both unattainable or severely restricted. As such, the mass adoption of know-how, resembling that supplied by RevoluGROUP, is experiencing an enormous upsurge in person adoption. Customers are actually embracing such applied sciences in file numbers, primarily impressed by the worldwide incapacity to transact in a bodily current or point-of-sale (POS) method. The corporate doesn’t imagine that the convenience of use and total advantages of such applied sciences shall be forgotten by shoppers post-COVID and, it anticipates not solely a retention of recent customers however, a continued exodus in the direction of distance transactions as new customers and, their prolonged households, acknowledge the time saved and incomparable comfort such apps carry to on a regular basis life.
Managements View of the Future
The corporate has carried out a collection of inner measures to instigate quick value chopping in its RevoluVIP Journey and RevoluREALTY Property Gross sales divisions. These embody a discount in nonessential personnel and a spotlight upon sustaining these verticals energetic at minimal value to the corporate whereas, on the similar time, concluding the addition of beforehand pending important providers in preparation for a Submit-COVID industrial resurgence. Travelucion, the wholly owned licensed journey subsidiary domiciled within the Canary Islands, has additionally utilized for a number of beneficiant, journey sector particular, non-repayable grants and reduction applications introduced by the Spanish authorities. The RevoluFIN various lending platform is finding out a state of affairs wherein small shopper loans may very well be proposed below a fractional lending state of affairs. RevolUTILITY, RevoluCHARGE and RevoluEGAME are self-financing and sustaining platforms which require minimal ongoing operational expenditure. Unsurprisingly, within the mild of world occasions, the RevoluMED vertical has garnered immense consideration and, the corporate expects these pre-COVID logistical and authorized limitations, current in sure nations, to be quickly repealed forthwith, with a spotlight upon self-test-kits and, residence delivered medicines. Moreover, RevoluPAY is already making inroads to speedily signal the myriad of pending Definitive Agreements and, subsequent user-onboarding, for which the corporate was awaiting the aforementioned PSD2 license approval. Additionally, an exterior transport accomplice has been sought to make sure the projected enhance in worldwide deliveries of the RevoluPAY Visa Card. Whereas a discount in particular person person/shopper spending is to be anticipated, the corporate is assured that the accelerated mass adoption of FinTech based mostly platforms will far outweigh the anticipated drop in particular person transaction quantities going ahead. Lastly, in synergy with the aforementioned PSD2 information, the corporate is readying its RevoluPAY accomplice service provider cost system for deployment throughout quite a few third celebration platforms.
The corporate stays properly funded to attain all of its present targets and, doesn’t anticipate the necessity to elevate any capital within the close to future.
The Firm’s flagship know-how is RevoluPAY®, the Apple and Android multinational cost app. Constructed totally in-house, RevoluPAY options proprietary, sector particular, know-how of which, the ensuing supply code is the property of the Firm. RevoluPAY’s built-in options embody: Leisure funds, Journey Funds, Retail and Hospitality funds, Remittance Funds, Actual Property Funds, pay-as-you-go telephone top-ups, Reward Playing cards & On-line Credit, Utility Invoice funds, and many others. RevoluPAY is powered by blockchain protocols, and, is squarely aimed on the worldwide multi-billion greenback leisure sector and, + $595 billion household remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L situated in Barcelona. RevoluPAY S.L operates below European E-money – Directive 2009/110/EC by means of a licensed digital cash establishment or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian firm deploying superior applied sciences within the; On-line Journey, Trip Resort, Cellular Apps, Cash Remittance, Cellular Cellphone Prime-Ups, EGaming, Healthcare Funds, Esports, Bill factoring, Blockchain Techniques, and Fintech app sectors. Click on right here to learn extra.
For additional data on RevoluGROUP Canada Inc. (TSX-V: REVO) go to the Firm’s web site at www.RevoluGROUP.com. The Firm has roughly 158,139,272 shares issued and excellent.
RevoluGROUP Canada Inc.
For additional data contact:
RevoluGROUP Canada Inc.
Phone: (604) 685-6465
Toll Free: 800-567-8181
Electronic mail: firstname.lastname@example.org
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 launch contains sure statements which may be deemed to be “forward-looking statements”. All statements on this launch, apart from statements of historic info, that tackle occasions or developments that administration of the Firm expects, are forward-looking statements. Though administration believes the expectations expressed in such forward-looking statements are based mostly on affordable assumptions, such statements aren’t ensures of future efficiency, and precise outcomes or developments might differ materially from these within the forward-looking statements. The Firm undertakes no obligation to replace these forward-looking statements if administration’s beliefs, estimates or opinions, or different components, ought to change. Components that might trigger precise outcomes to vary materially from these in forward-looking statements, embody market costs, exploration and growth successes, continued availability of capital and financing, and common financial, market or enterprise situations. Please see the general public filings of the Firm at www.sedar.com for additional data.