Vancouver (Canada) and Barcelona (Spain), April 29, 2024 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) ("RevoluGROUP”) is pleased to announce that their wholly owned subsidiary RevoluPAY SL (RevoluPAY) has entered into an agreement with the Norwegian Refugee Council (NRC) to provide the financial technology platform to facilitate transactions between the NRC and RevoluPAY partner, MillionBridges SL (MillionBridges). The purpose of the agreement is to improve the distribution of international cash aid by incorporating advanced financial technology for efficient and secure transactions directly benefiting recipients. RevoluPAY will manage the transfer of funds from NRC to MillionBridges and then to the beneficiaries, ensuring compliance with global financial regulations and anti-money laundering directives.
Under the terms of the agreement (signed on April 8th, 2024 but requiring compliance and administrative review prior to execution) with the Norwegian Refugee Council (NRC), it is anticipated that NRC will transfer transactions totalling an estimated value of $500,000 USD per month that will ramp up over a 1-3 month period. While the agreement between MillionBridges and NRC is based on an annual basis, the amount of funds transferred is expected to fluctuate on a month-to-month basis, allowing for flexibility and adjustability in response to the evolving needs of both parties involved. RevoluPAY will earn a minimal percentage of the total value of transactions transferred, which is inline with industry standards, and reflects the commitment to supporting NRC's humanitarian efforts efficiently and effectively.
Alfredo Manresa, Director of RevoluGROUP and General Manager of RevoluPAY, stated, "Our innovative global settlement network is poised to make a significant impact in how humanitarian aid is facilitated. By leveraging RevoluPAY's technology, we ensure not only the efficient but also the secure transfer of funds to those in dire need, adhering strictly to global standards."
RevoluPAY's critical role in this collaborative effort is underscored by its capability to transfer fast and efficient funds to Lebanon through its expansive global settlement network. This system is integral to the reliability of the financial distribution framework, ensuring that aid reaches those in need promptly and securely. The collaboration between RevoluPAY, MillionBridges, and the Norwegian Refugee Council is deeply rooted in transparency, accountability, and efficiency principles. By harnessing these values, the partnership aims to significantly enhance the process of distributing international aid, making it more accessible and practical for crisis-affected communities in Lebanon and beyond. This endeavour demonstrates the potential of fintech solutions in humanitarian contexts and sets a new standard for the delivery of international aid, prioritizing the needs and dignity of beneficiaries.
Gavin McMillan, CEO and Director of RevoluGROUP, expressed his enthusiasm for the partnership, stating, "We are immensely pleased to be in a position to assist in humanitarian aid efforts. This collaboration with MillionBridges and with the Norwegian Refugee Council allows us to play a pivotal role in providing the financial technology support where it's most needed."
About the Norwegian Refugee Council (NRC)
The Norwegian Refugee Council (NRC), established in 1946, is a leading non-profit organization committed to aiding refugees and internally displaced persons worldwide. It delivers emergency response, shelter, education, legal aid, and support for livelihood support livelihoods, aiming for the sustainable recovery of communities affected by displacement. NRC's innovative partnerships, including those with MillionBridges and RevoluPAY, leverage technology to ensure efficient, secure aid delivery. With operations across over 30 countries, NRC's dedicated team works to protect the rights and dignity of displaced individuals, focusing on providing access to essential services. In 2022, NRC's operations expanded significantly, assisting nearly 10 million people and witnessing a financial growth to NOK 7.062 billion (approximately USD 680 million), representing a 24.4% increase from the previous year (Source, NRC Finance Webpage). This achievement underscores the trust and support of key donors, enhancing NRC's commitment to transparency and accountability in its humanitarian missions.
For more insights into NRC's work and how to support their efforts, please visit NRC Website
About NRC in Lebanon
The Norwegian Refugee Council (NRC) in Lebanon comprehensively supports refugees and displaced persons, addressing their needs through legal assistance, shelter, education, and water, sanitation, and hygiene (WASH) services. With Lebanon hosting a substantial refugee population, primarily from Syria, the NRC's initiatives are crucial for ensuring access to justice, safe living conditions, quality education, and essential WASH services. These efforts not only aid in improving the immediate living conditions of refugees and host communities but also contribute to long-term development and resilience. The NRC also advocates for refugee rights and policy change, working towards their protection and inclusion. Through its multifaceted approach, the NRC in Lebanon significantly impacts the lives of thousands, striving for a better, more sustainable future for all displaced individuals.
For more insights into NRC's work in Lebanon, please visit: NRC in Lebanon
About MillionBridges
MillionBridges SL is redefining aid distribution through cutting-edge fintech, facilitating global swift, secure, and transparent fund transfers. Born from the vision to merge advanced financial technology with humanitarian needs, it addresses the gap in regions lacking traditional banking. Direct mobile wallet transfers bypass geographical and logistical hurdles, delivering fast aid. Collaborating with NGOs like the NRC and RevoluPAY, MillionBridges showcases fintech's power to boost humanitarian efforts, emphasizing rapid fund access and beneficiary autonomy. Its commitment to technological innovation aims to improve service delivery and champion financial inclusivity in humanitarian aid.
Website: www.millionbridges.com
About RevoluPAY®
The Company's flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company's intellectual property. RevoluPAY's built-in features include Remittance Payments, Forex, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Leisure payments, Travel Payments, etc. RevoluPAY is aimed at the worldwide multi-billion dollar Open Banking sector and + $630 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY EP S.L located in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under E.U. Directive 2015/2366 with EU Passporting.
About RevoluGROUP Canada Inc.
RevoluGROUP Canada Inc. is a multi-asset, multidivisional, publicly traded Canadian Company that controls five wholly owned subsidiaries on four continents. RevoluGROUP deploys advanced technologies in; Banking, Mobile Apps, Money Remittance, Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at www.RevoluGROUP.com.
RevoluGROUP Canada, Inc.
"Gavin McMillan"
______________________
Gavin McMillan
CEO and Director
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: info@revolugroup.com
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