CUV Ventures Corp. PSD License Central Bank Reply, Central Bank Meeting 29th July, Top 40 World Bank Confirms Compliance Visit
July 26, 2019
Vancouver, BC – CUV Ventures Corp. (TSX-V: CUV) (“the Company”) is pleased to announce an update. Further to the news release dated 12th July 2019, the Company has received a written reply from the Central Bank on July 25th 2019. The Central Bank has confirmed a meeting with Hogan Lovells and RevoluPAY CEO Alfredo Manresa on Monday 29th July at 1.30pm CET. Top 40 World Bank Confirms Compliance Visit. RevoluVIP Travel Club adds 3 New Destinations.
PSD License Central Bank Reply
On July 25th 2019, both Hogan Lovells and RevoluPAY CEO Alfredo Manresa conjointly received a written reply from the Central Bank concerning the petition, by the Company’s wholly owned subsidiary RevoluPAY S.L., for a European PSD2 license. The letter dated 17th July 2019 was sent via standard mail to RevoluPAY headquarters. The 7-page letter, signed by the Division chief of the Vice-Secretary General of Authorizations of the Central Bank of Spain, solicits supplementary documental information, certain internal procedural declarations and specific due-diligence information, pertaining to CUV Ventures and the wholly owned subsidiary, RevoluPAY S.L. The entire letter and the supplementary information requested from RevoluPAY S.L and CUV Ventures Corp. is requested under the auspices of Royal decree law 19/2018 - 23rd November 2018, pertaining to the PSD2 licensing in the Kingdom of Spain.
Central Bank Confirmed Meeting 29th July 2019
Director Alfredo Manresa and Corporate attorneys Hogan Lovells are to meet with Central Bank officials at 1.30 pm CET on Monday 29th July 2019, concerning the PSD2 license petition.
Top 40 International Bank Negotiations Progress Favorably
Shareholders were advised on June 29th 2018 that the Company had signed a Non-Disclosure Agreement (“NDA”) with a Top 40 International Bank concerning the integration of the banks remittance disbursement platform into the proprietary RevoluPAY App. Subsequently on May 31st 2019 the Company advised shareholders that it was awaiting the date of a final visit by the international compliance division of the Bank. The Company is pleased to confirm that on July 23rd 2019 it has received confirmation from the said bank that the compliance visit to RevoluPAY S.L headquarters in Barcelona will take place during the final week of September. The exact day is currently being agreed. The said bank operates extensively in 16 Central and South American Countries. On the 17th December 2018 an executive from the International Bank made a personal visit to the RevoluPAY headquarters in Barcelona. Should the said final compliance visit result positive, the outcome would engender the final signing of the bilateral agreement between the International Bank and, RevoluPAY S.L., for immediate commencement of Remittance Flows through the RevoluPAY App to all of the aforementioned countries.
RevoluVIP Travel Club New Destinations
Shareholders were advised on 12nd July 2019 that ChileVIP had been launched and, that further country launches were impending within the coming days. As a result, the in-house IT team were able to successfully launch UruguayVIP, PeruVIP and MargaritaVIP. 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.
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 150,123,337 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.