Northridge, California, Oct. 14, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Innovative Payment Solutions, Inc. (“Innovative” or the “Company”) (OTCQB: IPSI), a US based company focused on building a 21st Century digital payment technology service business, announced plans to expand its development of its proprietary Fin Tech platform that leverages its extensive experience from the five years of its operations in Mexico, with over 2 million local customers.
Innovative has retained Horizons Law and Consulting Group (“Horizons”) to advise Innovative on the creation of its own stable coin (“IPSI Coin”), by providing the necessary legal and regulatory support to navigate evolving regulatory and legislative compliance requirements.
The plans for the IPSI Coin provide that it will be backed by US dollars and be administered by an independent custodian to ensure stability and transparency. It is expected that the IPSI Coin will enable its customers to send payments directly to over 200 service providers in Mexico and transfer funds – in minutes via its self-service kiosks that it plans to deploy in Southern California. The kiosks are expected to be complemented by a desktop and mobile application that will have a secure and dynamic digital wallet allowing customers to use the Company’s services from their computer or smart phone. Innovative plans to provide a comprehensive payment eco-system that it believes will improve the daily lives of unbanked and underbanked consumers at no cost to them.
William Corbett, the Company’s CEO, stated, “The fintech industry is undergoing a massive shift with the introduction of artificial intelligence, everchanging distribution models, fee diversion and digital payments. We believe there will be an exponential growth in demand in the $38 billion a year remittance business to Mexico from the US. In addition, it was recently reported that payments in the first eight months of 2020 ballooned to $26.4 billion, up 9.4% compared with the same period last year. We are focused on providing a comprehensive solution in the digital payment arena for those who need it most. Our goal is to provide the millions of unbanked and underbanked as well as banked consumers in California, a cost efficient and convenient method to make payments and remittances with instant settlement.”
Jason Civalleri, an associate attorney at Horizons, commented, “We are excited to be working with the Company to explore how their innovative technology can possibly address the challenges faced by those who are unbanked and underbanked around the world.”
About Horizons Law and Consulting Group
Horizons Law and Consulting Group (Horizons) is a boutique crypto-native law firm boasting some of the highest-profile blockchain and crypto-asset companies as clients. Horizons has deep experience advising exchanges, base protocols and Decentralized Finance (DeFi) projects as they navigate legal issues ranging across securities, commodities, banking, money transmission, and many other relevant legal areas.
About Innovative Payment Solutions, Inc
Innovative Payment Solutions, Inc (“Innovative”) strives to offer cutting edge digital payment solutions for consumers and service providers. Innovative’s ecosystem will span multiple devices such as self-service kiosks, mobile applications and POS terminals offering alternative payment methods to meet the needs of consumers and service providers. (www.innovatepaysolve.com)
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statement of historical fact contained in this press release are forward-looking statements. In some case, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate, “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or other comparable terminology and include statements regarding plans to develop a proprietary Fin Tech platform that leverages the Company’s extensive experience from the last five years of its former operations in Mexico, the IPSI Coin being backed by US dollars and administered by an independent custodian to ensure stability and transparency, the IPSI Coin enabling its customers to send payments directly to over 200 service providers in Mexico and transfer funds– in minutes via the Company’s self-service kiosks that it plans to deploy in Southern California, the kiosks being complemented by a desktop and mobile application that will have a secure and dynamic digital wallet, plans to provide the services at no cost to the consumer as a part of the Company’s efforts to design a more comprehensive payment eco-system to improve the daily lives of unbanked and underbanked consumers, exponential growth in demand in the $38 billion a year remittance business to Mexico from the US and providing the millions of unbanked and underbanked as well as banked consumers in California, a cost efficient and convenient method to make payments and remittances with instant settlement. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectation include, among others, our ability to launch of our proprietary Fin Tech platform and IPSI Coin as scheduled, our ability to install a significant number of kiosks in Southern California as planned, our ability to build market share on the remittances sent to Mexico every year from Southern California, our ability to position Innovative for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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