Innovative Payment Solutions, Inc. Announces a Partnership with Golden Money Transfer, Inc. to Facilitate Its Money Transmission Service to Mexico
Innovative Payment Solutions, Inc. (OTCQB: IPSI) has announced a new agency agreement with Golden Money Transfer, Inc. (GMT) to enhance its cross-border payment services. This partnership will lower costs for international remittances and provide access to licensed money transmission services in 30 key states. With GMT's extensive network, including nearly 25,000 locations in Mexico, IPSI aims to serve unbanked and underbanked communities more effectively. The two-year agreement is expected to validate IPSI's kiosk and digital wallet model while enhancing its financial services infrastructure.
- New agency agreement with GMT facilitates cross-border payment services.
- Access to licensed money transmission in 30 key states.
- Extensive distribution network in Mexico with 25,000 locations.
- Targeting unbanked and underbanked communities enhances market reach.
- None.
NORTHRIDGE, Calif., Feb. 01, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century digital payment solution, IPSIPay™, today announced an Agency agreement with Golden Money Transfer, Inc. (“GMT” or “Golden”) (https://www.gmtnorthamerica.com) - a seasoned MSB company based in San Diego, an innovator in financial services and global money transfers with an extensive proprietary distribution network in over 100+ countries around the world with a strong focus on compliance.
This agreement will facilitate Innovative’s cross-border payments infrastructure, help lower costs for international remittances, allowing IPSI to service consumers, including unbanked and underbanked communities. Most importantly, the agreement between IPSI and GMT will provide the Company access to a licensed money transmitter with origination capabilities in 30 key states, proven compliance expertise, access to foreign exchange services, distribution to any bank account in Mexico, and cash distribution at close to 25,000 bricks and mortar locations throughout Mexico. Settlement and distribution (including employee salaries disbursement to prepaid cards) will be handled by GMT as the Company is an expert in the industry and is specializing in Latin America, and hard to reach destinations.
William Corbett, the CEO of Innovative Payment Solutions, Inc. stated, “Innovative is ecstatic about this new partnership as it will validate our kiosk and digital wallet model. We are pleased to now be able to provide comprehensive money transmittal services through our new partnership with Golden Money Transfer, Inc., and it is marking yet another significant milestone for the Company. It will allow us to utilize our power of digital and mobile technology and make financial services more inclusive and affordable, while providing a comprehensive solution for the unbanked and underbanked communities. Through this partnership, which will have an initial term of two years, GMT will become our key partner for cross-border payment and foreign exchange settlement using a plethora of digital assets. The agreement will also foster banking relationships that will allow us to accept payment cards, and provide innovative financial products to the unbanked and underbanked. This will also provide alternative rails of transmitting digital payments and funds to Mexico. It is our biggest achievement to date, we are now fully equipped and ready to execute on our business goals in 2021.”
Thani Adem, CEO and Founder of GMT, commented: "We are glad that Innovative has chosen to work with us to deliver their service. With our solution, the Company will be able to mobilize its digital payments infrastructure and allow its users to transfer funds in a most secure, compliant and cost effective way.”
About Golden Money Transfer, Inc.
Golden Money Transfer, Inc. is an innovator in financial services and global money transfers with an extensive sending and paying network in over 100 countries and growing. GMT implements the latest technologies to provide complete solutions in the Money Service Business (MSB) industry and is a member of FINCEN. The Company offers fast, easy, and secure ways to send money abroad to family and friends around the world and it partners with proven companies around the globe to provide convenient, safe, and affordable money transfers (https://www.gmtnorthamerica.com/).
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. 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. (https://www.investor.ipsipay.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 statements 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 this agreement being our biggest achievement to date, and us being fully equipped and ready to execute on our business goals in 2021, agreement’s ability to facilitate Innovative’s cross-border payments infrastructure, lower costs for international remittances, and help offer financial payment services to everyone, GMT’s ability to provide the Company access to a licensed entity with origination capabilities in 30 key states, compliance services, access to foreign exchange services, distribution in close to 25,000 locations throughout Mexico and 100+ other countries around the world, GMT’s ability to handle settlement and distribution for Innovative, including but not limited to settlement of fiat currencies, and potentially, in the future, a dollar backed IPSI Stable Coin and employee salaries disbursement to prepaid cards.
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, GMT being an industry expert and specializing in Latin America and hard to reach destinations, our ability to validate kiosk and digital wallet model and our ability to provide comprehensive money transmittal services through our new partnership with Golden Money Transfer, our ability to utilize our power of digital and mobile technology and make financial services more inclusive and affordable, while providing the total solution for the unbanked and underbanked communities worldwide, our ability to retain GMT as our key partner for cross-border payment and foreign exchange settlement with digital assets, our ability to secure and foster banking relationships and ability to issue debit and credit cards to the unbanked and underbanked and utilize it as alternative rails of transmitting digital payments and funds to Mexico, our ability to mobilize our digital payments infrastructure that will allow our users to transfer funds in a most secure and cost effective way, 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.
For investor inquiries please call (818) 864-4004 or email info@ipsipay.com
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