VANCOUVER, British Columbia, November 20, 2020 (GLOBE NEWSWIRE) – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the “Company”) is pleased to announce that RevoluPAY EP SL has signed a Definitive Agreement (“DA”) with Million Bridges. The AD, approved between the CEO of RevoluPAY Alfredo Manresa and Fadi Chidiac Haddad, CEO of Million Bridges, aims to create a financial and humanitarian bridge uniting the more than 8.5 million Lebanese diasporas living in the world with family and friends still residing in the Lebanese Republic only through financial technology and the secure licensed payment platform of RevoluPAY.
About Million bridges
Million Bridges was founded by Fadi Chidiac Haddad, a Lebanese national of Canadian and Spanish citizenship. Sensitive to the humanitarian importance of overseas remittances to his country and people, Fadi, along with its shareholders and highly skilled staff, strives to bring the global Lebanese community together with the help of RevoluPAY Fintech. Historically, remittances have been a vital component of the Lebanese economy, representing on average 15% of the national GDP (approximately $ 7.5 billion per year). Traditionally, a priority among Lebanese diasporas who make a good living abroad, sending remittances to their families in the country of origin, especially during crises like the one Lebanon is currently going through, is vital. Proudly an apolitical and non-denominational entity, the social mission of Million Bridges is to help improve the daily life of all Lebanese citizens.
Lebanese diaspora demography
The Lebanese population in the world is estimated at 13.3 million, of which about 4.7 million reside in Lebanon, and about 8.6 million represent the Lebanese diaspora living in the world. As exact figures are scarce, the next lower estimate is for first generation nationals and the upper estimate is for second generation Lebanese and direct family abroad.
|• Colombia||800 000||3,200,000|
|• United States||500,000||506,150|
|• Saudi Arabia||120,000||299,000|
Notably, the population of Lebanese Canadians is estimated between 200 and 270,000 people, which represents the largest group of Arabic-speaking citizens in Canada. About half of them are settled in Montreal since most Lebanese nationals speak French. Lebanese Canadians are an influential immigrant community in Canada, playing a key role in the economy, politics, society and education. These proud Lebanese Canadians remain linked to their homeland and fiercely seek their country to regain its sovereignty and emerge from economic despair.
Launch of Million Bridges Operations
After many months of preparatory work, both internally and with RevoluPAY, Million Bridges intends to start operations on December 1st.st, 2020. An impressive global marketing campaign begins, combining both leaders of the specific global Lebanese community and diplomatic initiatives. Through these and other proposals, Million Bridges hopes to centralize and coordinate the dreaded capital inflows into Lebanon through RevoluPAY through 2021 and beyond.
CEO Steve Marshall comments: “Initiatives such as Million Bridges are the very essence of our corporate ambitions. From the start, we have based our business principles on reducing inequality by help those who need it most in the world, with fast, inexpensive and above all safe means to transmit crucial humanitarian concentrated remittances across borders at the lowest possible cost. Fadi and his team represent the quintessence of our intention, and we are proud to help the Lebanese community around the world with our technology and licensed financial payment mechanism.“
Links used in this press release
Million Bridges https://millionbridges.com/
Facts about Remittances in Lebanon http://tiny.cc/3425tz
Lebanon Remittance Data https://shortly.cc/Spd46
The company’s flagship technology is RevoluPAY®, the multinational Apple and Android payment application. Built entirely in-house, RevoluPAY has exclusive and sector-specific technology, the resulting source code of which is the property of the Company. RevoluPAY’s built-in features include transfer payments, retail and hospitality payments, real estate payments, pay-as-you-go phone recharges, online gift cards and credits, utility bill payments, leisure payments, travel payments, etc. powered by blockchain protocols and is aimed squarely at the global multi-billion dollar entertainment industry and the + 595 billion dollar family remittance market. RevoluPAY® is operated by the 100% European subsidiary RevoluPAY SL located in Barcelona. RevoluPAY SL is the self-authorized European PSD2 6900 payment institution under the auspices of EU directive 2015/2366 and EU passport. RevoluGROUP Canada Inc. controls five wholly owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a publicly traded multi-asset, multi-division Canadian company that deploys cutting-edge technologies in the; Banking sectors, mobile apps, money transfers, mobile phone top-ups, EGaming, healthcare payments, e-sport, factoring, online travel, resorts, blockchain systems and fintech applications. Click here to read more.
For more information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the company’s website at www.RevoluGROUP.com. The company has approximately 166,414,015 shares issued and outstanding.
RevoluGROUP Canada, Inc.
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This press release contains certain statements which may be considered “forward-looking statements”. All statements contained in this press release, other than statements of historical fact, which deal with events or developments expected by the management of the Company, are forward-looking statements. Although management believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual results or developments may differ materially from those of forward-looking statements. The Company assumes no obligation to update these forward-looking statements if the beliefs, estimates or opinions of management or other factors should change. Factors that could cause actual results to differ materially from forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and economic, market or business in general. Please see the company’s public documents at www.sedar.com for more information.