VANCOUVER, British Columbia, June 21, 2019 (GLOBE NEWSWIRE) -- CUV Ventures Corp. (TSX-V: CUV) (“the Company”) is pleased to provide a corporate update. The Company has signed a memorandum of understanding (“MOU”) with Banco International Del Peru S.A.A, (Interbank Peru), on June 20th 2019. The MOU, signed by CUV CEO, Steve Marshall and, William Salas, Sub-Director of Interbank Remittances, outlines a mutual desire to deploy a joint tech task force to establish the technical requirements for the RevoluPAY® e-Wallet family remittances and, cash advances for visiting tourists, to be collected at approx. 370 bank branches, 1800 ATM and, a further approx. 2500 pick-up points across Peru. The parties have agreed to work on a Definitive Agreement (“DA”) concerning bilateral commissions, the technical linking of payments settlement systems and, the mechanism for the instant delivery of worldwide remittances and, tourism focused cash-advances. The Company would also like to thank Advisor, Emilio Morales, for his assistance in forging this potentially valuable relationship with Interbank Peru.
Interbank was founded in 1897 and is headquartered in Lima, Peru. Interbank is one of the leading Peruvian Central Bank licensed financial institutions and, is focused on providing innovative products and, a convenient and flexible service to more than 2 million customers nationwide.
Interbank controls approx. 65% of the remittances that arrive in Peru through the banking sector and, approx. 32% of the non-banked sector, incorporating remittance delivery services for most international remittance sending agencies. Interbank has approx. 370 branches throughout Peru, covering both urban and rural areas. Interbank also have approx. 2,500 third party pick-up points for cash delivery, which include various types of businesses, such as pharmacies, supermarkets, etc. The bank also has approx. 1,800 proprietary ATM machines, many of which are RevoluPAY compatible, NFC (Near-field communication) enabled.
Peru Remittance Market and Tourism
Remittances from Peruvians living abroad amounted to approx. 3.22 billion dollars in 2018. The main markets that send remittances to Peru are the United States, Chile, Italy, Spain and Japan.
Peru is also a major South American tourism hotspot, with approximately 3.8 million visitors annually. The Company’s RevoluVIP platform (page 17) will market specific travel offers for Peru on the PeruVIP country website, therefore, the proposed agreement with Interbank will allow visiting RevoluVIP Club Members easy access to local currency through their RevoluPAY® app.
South American Remittance Focused Definitive Agreements
The Company is now in the final phases of negotiations for the Definitive Agreements (“DA”) with: Easy Pagos (Ecuador), Grupo Eficacia (Guatemala, El Salvador, Nicaragua) RedCHAPINA (El Salvador, Guatemala, Mexico) and, now Interbank (Peru).
Central Bank PSD2 Communication and Personal Invitation to Madrid Headquarters
Shareholders were advised on June 17th 2019 that Hogan Lovells had a arranged for a direct call with the Central Bank during the week of the 17-21st June. On the 17th of June 2019, Hogan Lovells lead attorney placed the aforementioned call to the PSD2 licensing division. On June 18th Hogan Lovells attended the headquarters of RevoluPAY in Barcelona, with Alfredo Manresa, CEO of RevoluPAY and, advised that the Central Bank has extended a personal invitation to both Hogan Lovells and, Mr. Manresa, to the licensing headquarters in Madrid, Spain, during the week of 24-28th June. At the time of writing this news release, the exact date/time had not yet been decided. Management remain confident regarding the ultimate granting of a proprietary PSD2 license.
RevoluVIP New Destinations Ahead of Schedule
Shareholders were advised on June 17th 2019 that several new country websites would be launched within 10 days. However, the in-house IT team were able to successfully launch: AlaskaVIP, HawaiiVIP, USAVIP, BelizeVIP and CostaRicaVIP before the issuance of today’s news release. Management have been further advised that upcoming destinations in the coming days include; Mexico, Panama and Nicaragua. The Company intends to continue this brisk pace, to roll-out other country destination websites as rapidly as is technically possible.
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’s built-in features include: Leisure payments, travel payments, retail and hospitality payments, remittance payments, real estate payments, pay-as-you-go phone top-ups, Utility Bill 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 operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity.
Link Sources Utilized in this News Release
Interbank Peru https://interbank.pe/
Interbank Peru Remittances https://interbank.pe/remesas?rfid=navegacion:menu-principal:link
Peru Tourism Figures https://www.tripsavvy.com/amount-of-peru-visitors-each-year-1619647
About CUV Ventures Corp.:
CUV Ventures Corp. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile phone top-ups, Invoice factoring, Blockchain Systems, and Fintech app sectors.
Our flagship technology is RevoluPAY®, the Apple and Android multinational leisure payments and remittance app, powered by blockchain protocols, and aimed at the worldwide + $595 billion family remittance market. Click here to read more.
For further information on CUV Ventures Corp. (TSX-V: CUV) visit the Company’s website at www.cuvventures.com. The Company has approximately 144,873,000 shares issued and outstanding.
CUV VENTURES CORP.
For further information contact:
CUV Ventures Corp.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
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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.