CUV Ventures Corp. Update Received from Hogan Lovells Concerning PSD2 License, Corporate Update
February 20, 2019
Vancouver, BC - CUV Ventures Corp. (TSX-V: CUV) (the “Company”) Vancouver, BC - (the “Company”) is pleased to announce that it has received an update from Hogan Lovells concerning the PSD2 license approval and, wishes to provide further clarity concerning the updated current timeline. The company further provides a corporate update.
Timeline of PSD2 License Petition
As previously disclosed in the company’s news release dated December 10th, 2018, the wholly owned subsidiary, RevoluPAY S.L., estimated timeline for Proprietary PSD License Petition commenced on Nov 22nd, 2018, subject to a 90 day statutory approval term. However, as explained in the subsequent news release dated January 7th, 2019, the central bank adopted the newer PSD2 license requisites on the following day, specifically the 23rd Nov 2018. The company had therefore applied for the previous PSD license one day before the introduction of the sweeping changes introduced within the newer and, in the company’s opinion, more beneficial, PSD2 licensing. During the interim term, management and, Hogan Lovells, have made two separate personal visits to the Central Bank and, have successfully updated the original petition to meet the criteria of the PSD2 licensing requirements. RevoluPAY S.L received correspondence from Hogan Lovells, dated 19 February, in which the law firm advises that it has spoken with officials at the Central Bank concerning the RevoluPAY S.L pending PSD2 license application and, expects to now have final news by March 8th, 2019.
RevoluCHARGE has been active since Nov 1st, 2018, under the auspices of a single worldwide supplier, however, it was always the intent of the company to poll worldwide pricing from multiple suppliers, in order to guarantee the lowest possible phone top-up costs. The development team informed the company, on the 11th of Feb 2019, that this final step has been successfully completed, with multiple suppliers now analyzed, in real-time and, only the lowest price, for a given top-up/country, proposed to the RevoluCHARGE user. As with all CUV Verticals, users must utilize the company’s proprietary payment app, RevoluPAY, for any financial interactions with RevoluCHARGE.
RevolUTLITY Development Commences
Mr. Daniel Hernandez, who was intrinsically involved in the successful rollout of RevoluCHARGE, will once again be responsible, in conjunction with Bonsoft, for the entire rollout of RevolUTILITY. The company expects the system, which will allow the worldwide payment of Utility bills and, other related services, exclusively through RevoluPAY, to be operational in beta form by June 1st, 2019.
RevoluVIP International Inc. - The Canadian wholly owned subsidiary of the RevoluVIP Club and, membership platform, is pleased to announce that it has begun selling pre-memberships to the revolutionary travel club. As was anticipated, the initial memberships purchased were all Diamond level. At this stage, members will be allowed to participate in live beta trials, giving them the ability to book and pay, in real-time, a gradually increasing number of worldwide hotels, flights, and transfers, as the live beta trials progress and, more suppliers are aggregated. The in-house tech team anticipates incorporating: Car Rentals, Cruises and, Excursions & Tours by the end of the month. Members #1 and #2 are Mr. Marshall and Mr. Manresa respectively, both of these coveted #1 and #2 membership numbers will be raffled to shareholders in the coming weeks. The company will advise when and, how, the raffle will be carried out, in a future news release.
RevoluFIN Inc. - The Panamanian wholly owned subsidiary was approved for operations on 23rd November 2018. The company is pleased to inform that final documents pending, as announced on 29th Jan 2019, have been concluded by the BC Ministry of Attorney General and, are currently with the Panamanian consulate for final approval. Management plan to meet Tower Bank Panama, this week, to finalize account operability.
Real Estate is a multi-billion dollar worldwide Industry but, how payments are processed still remains in the dark ages. While the major component of any real estate transaction is the cost of the property, within every transaction, there are numerous payments to be made. Handling all of these small but, imperative, payments can be cumbersome and, time consuming, for the buyer. These costs can also, if not paid in a timely manner, impede closing and, through unnecessary delays, can even increase the overall cost of the transaction. With RevoluPAY and, through RevoluREALTY, all payments could essentially be made from a central Buyer e-Wallet based account, simply selecting beneficiaries from a phones contact list and, issuing instantaneous payments. When finalizing the property transaction, RevoluPAY could also broker competitive interbank exchange rates, for the final main property purchase price. The first partner of RevoluREALTY in this sector is expected to be NUKONDO®. The company is pursuing other alliances in the Real Estate sector, in which it will deploy RevoluPAY as a centralized payment mechanism. An inhouse programming team expects to have the RevoluREALTY website operational by March 31st, 2019, allowing direct sign-up for real estate professionals and, those entities who provide ancillary services to the industry.
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 130,169,000 shares issued and outstanding.
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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.