Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce that The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has granted the Company with the Canadian FINTRAC license M20352455 on the 4th of December 2020.
The Broader Ramifications of The Canadian FINTRAC License
The granting of the Canadian FINTRAC license represents a major corporate milestone. Bringing the RevoluPAY app's banking technology home to Canada has been the management's goal from the outset. The national dialogue surrounding Open Banking is at a fever pitch across Canada. While the several U.K. domiciled Neobanks are vying for access into the nascent app-based digital banking space, to managements knowledge, RevoluGROUP is the only Canadian Fintech with proven and functioning technology. A Canadian federally endorsed open banking legal framework is seemingly approaching. During this interim term, RevoluGROUP chose to accelerate the adoption of its RevoluPAY Neobank Fintech to customers worldwide, having met and exceeded Europe's most stringent banking security criteria to obtain the coveted pan-European PSD2 license. RevoluPAY also joined forces with the top 40 world bank BBVA, Flutterwave, and Thunes. RevoluPAY is now transacting with +100 countries.
RevoluGROUP CEO, Steve Marshall, stated: "Bringing our core open banking technology back to Canada is a natural step, especially since an upcoming federal Open Banking legal framework is potentially looming."
Canadian consumers appear primed for the Fintech revolution since, according to Payments Canada, 62% of Canadians reported using less cash since the onset of the pandemic. In comparison, 42% of Canadians surveyed said they avoided shopping in places that did not accept contactless payments. As a result of today's news, the Company expects to rapidly introduce a Canadian Dollar version of the RevoluPAY Apple and Android app with our linked Visa card upgraded to multi-currency. Canada will get an ensemble of financial technology that has proven extremely popular worldwide for its ease of use, cutting-edge transaction security, and minimal fees when compared to conventional banks.
Stage set for Neobanks in Canada
Business Insider recently reported growing dissatisfaction with the Big Five Canadian banks, especially amongst consumers under 40. Fintech adoption has nearly tripled in Canada, increasing from just 18% in 2017 to 50% in 2019, per E.Y. Meanwhile, during the past decade, European born RevoluGROUP executives witnessed firsthand a similar scenario unfold in Europe. During this closely observed period, the emergence of Neobanks saw conventional banks ceding significant market share to app-based banking technology equivalent to RevoluPAY.
United States MSB License Update
During the past week, management at the Florida based wholly-owned subsidiary RevoluGROUP USA Inc. has submitted several State government solicited supplementary documents. The progress concerning the petition for the analogous United States MSB licenses is advancing positively. The recent obtention of the Canadian FINTRAC license in conjunction with the previously presented Pan-European PSD2 license bodes well for the Company's ongoing application process.
Links Used in This News Release
FINTRAC Website - https://www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng
E.Y. Study Canadian Fintech Adoption - https://shortly.cc/rCHVD
Business Insider Canada Open Banking - https://shortly.cc/exMWf
RevoluPAY PSD2 License - https://www.revolugroup.com/psd2_bank_license/psd2/
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 166,914,015 shares issued and outstanding.
RevoluGROUP Canada, Inc.
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RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
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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.