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Vancouver, British Columbia--(Newsfile Corp. - June 1, 2021) - Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") is pleased to announce that its subsidiary Direct Agent 5 Inc. ("DA5"), has entered into a strategic global technology partnership agreement with Pipit Global ("Pipit"). The active Pipit network will now provide DA5 the ability to leverage over 320,000 integrated physical cash-in/cash-out settlement facilities and locations at post offices, kiosks, ATM's, agent and retail locations throughout North & South America, Europe, Africa & Asia.
Pipit offers DA5 and the Lynx Network integration to an International B2B Cash Payments Platform. With this platform, the unbanked (52% of the world's population) can transact internationally, digitally, online with cash. Without the need of a bank account, the unbanked now have the ability to send and receive cash, make payments, send remittances, and load an ewallet. This technology integration agreement opens up the global cash market for online merchants, not just domestically, but worldwide.
Globally, the equivalent to US$7.6 trillion cash is in circulation. In 40 of 42 major economies - from Europe and Asia to Latin America and the United States - the growth of cash in circulation outpaced economic growth over the last 10 years.
With the DA5 and Pipit agreement now solidified, it provides for the deployment and integration of the DA5 traditional remittance rails and the DA5 Mobile App and eWallet throughout the Pipit Global integrated network.
"From the Pipit Global perspective," stated Ollie Walsh, CEO of Pipit, "The partnership with DA5 is perfect in terms of achieving our stated corporate mission, to help the global unbanked population to support their financially underserved families at home and abroad, in a cheaper and safer way. By working with DA5, we can make a significant impact by helping people with the huge trans-global movements of cash they need to send, by enabling for them a low cost and reliable source to load and disburse their cash. The DA5 model will improve this service dramatically by enabling consumers to deposit cash and then make ecommerce transactions from the DA5 ewallet."
According to Ray Babst, CEO of DA5, "This technology platform integration with Pipit, is yet another step in the evolution of the goals I had set forth for DA5 when I founded the Company 15 years ago. It has always been my desire to build an international brand and network - since the recent acquisition to become a member of the Lynx Global organization, I have already directly expanded my brand to Vietnam, Canada, Australia, and Singapore. With this exciting partnership with Pipit, we can now take the DA5 brand name all around the World and provide ourselves with capability to digitize the global cash markets. I consider myself an expert in the 'cash' business have focused on supporting massive remittance and forex transactional volumes since I began DA5, so the ability to now integrate the DA5 remittance rails and the DA5 mobile app into the Pipit network touching over 320,000 physical cash-in/cash-out locations, really is a monumental achievement."
Morocco, Vietnam, Egypt, Philippines, Mexico: these are the top 5 countries, according to a just-released study by the British research platform Merchant Machine, where the unbanked population is the largest. On a global level, the regions with the highest proportion of developing or emerging economies, quite predictably, top the list: in the Middle East and Africa the 50% of the population is financially excluded, South and Central America follow at 38%, Eastern Europe and the former Soviet republics at 33%, Asia Pacific's share stands at 24%. While the ecommerce market is growing rapidly - Mexico is projected to be the 8th largest ecommerce market in the world by 2023.
A survey released last year by the central bank of the Philippines-explains why. With over 50 million individuals unbanked out of a total adult population of 72 million, the bank reported, almost half of them (45%) mentioned the lack of enough money as the top reason for not qualifying to have an account.
ABOUT LYNX DIGITAL GLOBAL FINANCE:
Lynx seeks to become a leader in financial technology, solutions, and services for large-scale merchants, financial institutions and other B2B industry partners by way of integration to the Lynx digital payment platform. The Company's payment solutions are powered by a broad suite of payment technologies and services. The Company has targeted banking and fintech relationships in ASEAN and Oceania, a region with a population approaching 700 million, that can provide Lynx a financial network hub location to service and operate a global traditional and digital financial infrastructure. By working with selected banking and/or licensed EMI partners, the Company will be able to offer a digital payment platform with a full suite of payment solutions, which may include merchant acquiring solutions; card issuing; remittance and forex; and custodial digital asset services, including digital wallet services. The Company seeks organic growth while investigating potential strategic acquisitions that may contribute critical technology applications, additional services, and revenue streams, and that can complement or enhance existing offerings and potentially increase or expedite the path to future profitability. While Lynx believes that significant near-term opportunities exist for the Company's strategic initiatives, there can be no assurance that goals and objectives will be reached or that any such underlying efforts or agreements will provide successful or positive outcomes should they be implemented.
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NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation, including the described initiatives of DA5 and the goals and objectives of Lynx. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lynx to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs, or implied future forecasts. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Lynx will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85968