CUV Ventures Corp. is pleased to announce that it received final Panamanian government and, mercantile registry approval, under resolution No 755000, dated September 24th 2018, for the wholly owned subsidiary RevoluFIN Inc. RevoluPAY® S.L. receives publisher approval from Apple and, uploads RevoluPAY® app to App Store. BonSOFT elected for the complete development and, turnkey delivery, of RevoluCHARGE, on or before 1st November 2018. Preeminent Fintech law firm Hogan Lovells formally retained to solicit RevoluPAY® Proprietary European banking license. The company provides further RevoluPAY® updates.
RevoluFIN obtained its initial seed capital guarantee of up to 40 million Euros (approx 61 million CAD) on the 8th of March 2018 from Vesilen Investments. The now fully approved Panamanian subsidiary will be involved in certain aspects of the RevoluFIN lending platform, guaranteeing, through its banking partners, fiduciary and, other services, to lending partners. Panama has the most modern and, successful, international banking center in Latin America, with more than 85 banks from 35 countries. The company is in final negotiations with local officials to physically locate RevoluFIN inc. at the Cuidad del Saber (City of Knowledge), which is especially suited to technology and finance companies. RevoluFIN has received and studied numerous financing requests, which will be immediately approved in the very near future.
RevoluPAY® On iOS Apple
Wholly owned European subsidiary RevoluPAY® S.L received app publisher approval from Apple and, has uploaded the RevoluPAY® iOS app to App Store for final approval. The final approval process is known to take, on average, between 1 and 7 days.
Hogan Lovells retained for European EP Banking License
Wholly owned subsidiary RevoluPAY® S.L. has retained acclaimed law firm Hogan Lovells on Sept 26th 2018 to prepare the; legal opinion, compliance and, formal petition of the company’s proprietary EP banking license. The estimated time for the license to be granted is 3-5 months. Hogan Lovells is recognized as a leader in European Fintech law. Until the proprietary license is awarded, the company’s proprietary RevoluPAY® app operates under indefinite agreement with its current EDE Banking licensed partner.
RevoluPAY® European Cash-Out Disbursement Update
As stated in the news release dated 24th Sept 2018, the company successfully released version 1.0.8 of the proprietary RevoluPAY® app, which incorporates a cash-out (disbursement) facility to any bank located in the European Union. RevoluPAY® users have been able to add (load) money to the RevoluPAY® e-wallet since 31st July 2018 and, transfer these funds nationally or, internationally, to other users with a RevoluPAY® e-wallet. From today, any user can instantaneously transfer part, or all, of their e-wallet funds to a bank account, at any bank, within the EU. These trials have proved successful and will now go live. RevoluPAY® Version 1.0.8 is the iteration that has been submitted to Apple, thus, the same functionality will be available on both Android and iOS.
RevoluCHARGE Development & Launch
The company has chosen Spain based BonSOFT for the complete development and launch of RevoluCHARGE worldwide, on or before 1st November 2018. The company’s upcoming RevoluCHARGE division, a branched vertical from RevoluPAY®, will allow anyone in the world to send; minute, sms and, data credits, to family and friends internationally, with payments exclusively through the company’s proprietary payment app RevoluPAY® and, a forthcoming “Powered by RevoluPAY®” autonomous RevoluCHARGE App. The company considers the approximately $8 Billion USD annual mobile top-up market the perfect complimentary service, in combination with worldwide remittances and payments, through RevoluPAY®.
Alternative Worldwide Cash-Out Operability
Wholly owned subsidiary RevoluPAY® S.L is currently negotiating other forms of cash- out (disbursement) which include but, are not limited to, an e-wallet linked prepaid Visa Card, permitting instantaneous transfer of funds to/from the users RevoluPAY® e- wallet. The company has submitted its card design and, usability criteria, to the chosen card issuer. An eventual international visa card would permit withdrawals from any ATM that accepts Visa worldwide, allied to POS payment at any location that accepts Visa. This functionality will give an added layer of usability in those locations where NFC enabled POS devices and ATMs, for which RevoluPAY® is already enabled, are not yet operational. A second alternative, currently under negotiation, is cash-out via NFC and Non NFC enabled ATM ́s directly from the app (card-less withdrawals). Under this system, at non NFC enabled ATM ́s, the user receives a unique code which, when entered into the ATM ́s numeric keyboard, confirms the users presence and, permits subsequent withdrawal of funds. Lastly, the company signed an NDA on June 29th 2018 and, continues to negotiate with a large multinational banking partner for 16 cash-out disbursement countries in; The Caribbean, South and Central America.
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, Invoice factoring, Blockchain Systems, and Cryptotoken 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 123,200,000 shares issued and outstanding