CUV Ventures Corp. RevoluPAY® Receives Preliminary Central Bank Interim Approval to Process Up-To 3 Million Euros Per Month;...
January 07 2019 - 7:00AM
CUV Ventures Corp. (TSX-V:
CUV
) (the “Company”) is pleased to announce that
the wholly owned subsidiary, RevoluPAY® S.L., received official
correspondence, from the executive commission of the Central Bank,
dated 21 December 2018 but, delivered to RevoluPAY® Headquarters on
January 4th 2019, granting temporary exemption to RevoluPAY®,
pending final license approval, to begin full financial operations
up-to a maximum monthly sum of 3 Million Euros (approx. 4,583,000
$CA), under the auspices of article 14 of law decree 19/2018, 23
November 2018. The company believes that this subsequent event and,
interim consent, bodes well for the previously submitted
proprietary banking license application, currently under review by
the central bank since November 22, 2018, and, subject to a
statutory 90-day approval. The cited consent came shortly after the
successful compliance by RevoluPAY® of Central Bank Two-factor
Authentication, as explained to shareholders on December 20th,
2018. As per the company’s news release dated October 1st, 2018,
the E-Wallet linked, RevoluPAY® Prepaid Visa Card, has received
final homologation from Visa Inc., on the 4th of January 2019.
RevoluPAY® Banking License - Electronic Money
Institution
As shareholders are aware, the RevoluPAY® iOS
and Android app currently operate under an indefinite third-party
banking license. This license is currently utilized for all user
accounts, payment receipts, processing and, other banking
activities, for which the proprietary RevoluPAY® app is capable.
However, the company has pursued its own Electronic Money
Institution banking license since June 2018. First retaining
prestigious law firm Hogan Lovells and, then subsequent encounters
with central bank officials. Culminating in RevoluPAY® submitting
the formal petition for a proprietary PSD2 Electronic Money
Institution banking license on November 22nd, 2018. It is
coincidental that the PSD2 legislation was ultimately introduced
into law one day after, on 23rd November, meaning that RevoluPAY®,
if approved, will obtain the latest and, most advantageous variant
of the said license. Today’s advent, obtaining the, now conceded,
interim exemption from the Central Bank, paves the way for
RevoluPAY® to become a fully licensed Electronic Money banking
Institution, a prestigious and economically favorable outcome for
shareholders, which will allow RevoluPAY® to act autonomously in
the following capacities:
- Operating a payment account and enabling cash to be placed on
and, withdrawn, from a payment account
- Executing payment transactions
- Issuing payment instruments or acquiring payment
transactions
- Money remittance
- Payment initiation services
- Account information services
- Proprietary SEPA and Swift Codes
RevoluPAY® e-Wallet
Linked Prepaid Visa card
The RevoluPAY® physical international visa card
permits withdrawals from any ATM that accepts Visa worldwide,
allied to POS payment at any location that accepts Visa. This
functionality will give RevoluPAY® app users an added layer of
financial autonomy, in those locations where NFC enabled POS
devices and ATMs, for which RevoluPAY is already enabled, are not
yet operational. The card manufacturer has informed the company
that the first batch of cards should be available within 4 to 5
weeks.
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 127,160,000 shares issued and
outstanding.
CUV VENTURES CORP.
STEVE
MARSHALL______________________________Steve MarshallCEO
For further information contact myself or:Nick
FindlerCUV Ventures Corp.Telephone: 604-639-3850Toll Free:
800-567-8181Facsimile: 604-687-3119Email: info@cuvventures.com
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 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.
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