- RevoluPAY® Currently operates under an indefinite third-party banking license.
- Upon approval of proprietary license, RevoluPAY® will be an autonomous Financial Payment Service Provider (PSP).
- As a licensed electronic financial institution, RevoluPAY® will directly enter the financial world.
- Inherent corporate credibility and, ability to transact directly with financial institutions around the world.
- Reduced financial and transaction costs across the board.
- Augmented transparency and security as a duly licensed financial institution.
- Increased revenue through cost savings associated with proprietary central bank issued license.
- Increased shareholder value through upcoming wholly owned, duly licensed, banking subsidiary.
VANCOUVER, B.C., Dec. 10, 2018 (GLOBE NEWSWIRE) -- CUV Ventures Corp. (TSX-V: CUV) (the “Company”) Vancouver, BC – (the “Company”) is pleased to announce that the wholly owned subsidiary, RevoluPAY® S.L. has formally submitted its application for a proprietary finance license in the European Union on the 22 November 2018. The statutory approval time for the said application is 90 days. Shareholders are reminded that RevoluPAY® currently operates through an indefinite third-party banking license, thus, financial operations remain unaffected throughout the central bank’s approval process. The company is pleased to provide updates for the RevoluCHARGE and RevoluVIP verticals and, Chinese Approval of trademark.
Timeline of Proprietary License Petition.
1 June 2018 – Wholly owned European Subsidiary RevoluPAY S.L begins operations
6 June 2018 – RevoluPAY S.L. obtains indefinite third-party banking license.
29 June 2018 - RevoluPAY S.L. signs NDA with Top 40 World Banking Institution for remittance disbursements
31 July 2018 – RevoluPAY App launches on Android
24 September 2018 - RevoluPAY® App begins trials of cash-out Bank Disbursements in Europe
5 November 2018 – RevoluPAY® commences cash-out Bank Disbursements in 73 countries
7 November 2018 - Director Alfredo Manresa & Hogan Lovells meet with the Central Bank to finalize requirements of application of proprietary License.
8 to 21 November 2018 – RevoluPAY S.L prepares additional documents and compliance recommendations suggested during Central Bank meeting
11 November 2018 - RevoluPAY® App launches on Apple iOS
22 November 2018 – License Application Submitted
4 December 2018 – Hogan Lovells receives preliminary positive feed-back from Central Bank concerning application
11 Feb 2019 – Statutory approval term concludes
Corporate Rational Behind License Application
While RevoluPAY® continues to operate transparently via an indefinite third-party banking license. Management are convinced that a proprietary license issued by the Central Bank will garner greater freedoms to the company and, permit direct relationships with financial institutions worldwide. Furthermore, the inherent value placed upon a license of this type brings with it both notoriety and, credibility. Furthermore, the economic upside of such a license cannot be overlooked, as certain commissions and costs can be shaved from every transaction. Overall, the obtention of a Central Bank issued license should thrust the wholly owned subsidiary RevoluPAY S.L into the financial sector, bring shareholder value and, an inevitable favorable equity assessment of the subsidiary. Management remains extremely hopeful that a license could be issued within the statutory term.
The company is pleased to announce that mobile phone top-ups have been successfully enacted in numerous countries around the world. Internal marketing of the platform is set to begin this month. Shareholders are reminded that all top-ups must be carried out using RevoluPAY.
The company’s internal IT division continues to ensure the initial VIP Travel Club rollout as per the RevoluVIP Presentation timeline. Management are working closely with our software engineers in the final phase and, are pleased with the overall look and feel of RevoluVIP. Shareholders are free to visit the previously provided beta test sites to visualize the progress in real-time. The company anticipates a strong uptake for VIP Club memberships when the division is launched. Shareholders are reminded that all interaction with the RevoluVIP Travel Club must be carried out using RevoluPAY.
RevoluPAY® Trademark Approved in China
The company is pleased to confirm that Chinese authorities have approved the previously submitted Trademark petition on December 4th 2018.
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 124,890,000 shares issued and outstanding.
CUV VENTURES CORP.
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CUV Ventures Corp.
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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.