Belfrics Commences Mexican Operations; Introduces Blockchain-Based Wallet and Remittance Solution

Rhea-AI Summary

Life Clips (LCLP) has launched its Belfrics Mexico subsidiary to tap into the burgeoning blockchain and remittance market in Mexico. With remittance flows reaching $51.6 billion in 2021, the company aims to introduce a blockchain wallet along with remittance solutions, backed by an increasing demand for digital payments and stablecoins. The Mexican digital payment segment is projected to reach $71 billion this year, reflecting robust growth opportunities. Under the guidance of seasoned professionals, Belfrics plans to establish educational and healthcare decentralized applications (dApps) targeting local needs.

Positive

• Launch of Belfrics Mexico targeting a growing blockchain and remittance market.
• Remittance flows to Mexico reached $51.6 billion in 2021, indicating strong potential.
• Digital payments in Mexico expected to reach $71 billion in 2022.
• CAGR for healthcare blockchain spending projected at 44.5% from 2019 to 2025.

Negative

• None.

Belfrics Mexico to deploy its blockchain-based wallet and remittance solution to capitalize on increasing remittance flows

AVENTURA, Fla., Aug. 19, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today Belfrics Mexico, an entity operated by Belfrics Group, has commenced Mexican operations to serve Mexico’s growing blockchain, cryptocurrency, and digital asset market. Belfrics Mexico will introduce its blockchain-based wallet and remittance solution to capitalize on the trend toward increasing remittance flows in Latin America. Originally formed in 2019, development plans for Belfrics Mexico were sidelined due to the covid pandemic. With business back to normal, Mexico is emerging as a hotbed for blockchain and cryptocurrency innovations. The Mexican market stands out as one of the major crypto opportunities in Latin America because of its remittance business. According to Statista, a global provider of market and consumer data, Mexico's largest fintech market segment will be Digital Payments with a total transaction value of US$71 billion in 2022. The Neobanking segment is expected to show revenue growth of 46.3% in 2023.

Belfrics CEO and Founder, Praveen Kumar, said, "The Mexican market will be the first region for Belfrics to deploy the blockchain-based wallet and remittance solution. In 2021, Mexico was the third-largest recipient of remittances worldwide, as the amount of money sent to the country from nationals living abroad increased. According to the Mexican central bank, total remittances reached $51.6 billion in 2021, which was a 27% increase from 2020. Research from The Center for Latin American Monetary Studies says this increase is a direct result of Mexican first-line workers in states like California, Texas and New York earning more income, while also receiving U.S. government-backed stimulus checks. Most importantly, remittance-specific crypto products mainly using Stablecoins have recently been introduced in the Latin American market. Stablecoins are ideal for remittances, since they are pegged to a fiat currency. This eliminates a large portion of price volatility while allowing consumers to benefit from the speed and lower fees of crypto."

“While Belfrics Mexico’s licenses for wallet and exchange services are under process, the initial focus will be directed towards establishing our healthcare and educational dapp products to the Mexican ecosystem,” added Mr. Kumar. “It is estimated that the healthcare spend on blockchain is expected to record a CAGR of 44.5% over a period of 2019-2025, increasing from US$9.3 million in 2019 to US$122.3 million by 2025. We believe our blockchain offering will be an ideal solution for the Mexican market.”

Life Clips CEO, Robert Grinberg, said, "Mexico is a vital destination for our growth plan. There are not enough blockchain nodes in Mexico and Latin America, which leads to overcrowding of transactions." Mr. Grinberg continued, “Belfrics' commitment to regulatory approval in Mexico is the latest example of its commitment to compliance and our constructive approach to regulator engagement. We look forward to expanding our suite of available offerings and services, and continuing to work with stakeholders across sectors on advancing blockchain technology, cryptocurrency, and digital assets.”

Belfrics Mexico business will be driven by Manuel Esquivel and Carlos Arce, two senior professionals with a wealth of experience in the Mexican market. Mr. Esquivel holds a Law degree from NAU Mexico, and he has more than a decade of experience in FX and derivatives markets in Latin America. Mr. Arce also holds a Law degree from NAU Mexico and holds directorships in leading conglomerates in Mexico, and has been an integral part of developing the Financial System for Banco Agropecuario, Banrural and Banobras Bank. With able leadership and with KYC compliant Belrium blockchain solutions, Belfrics aims to be a leading blockchain solution provider and digital assets service provider in Mexico by 2024.

About Us

Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which includes the voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Aiki is available on Apple‘s App Store.

For more information on Life Clips visit www.lifeclips.com
For more information on Belfrics Global visit www.belfricsgroup.com
For more information on Cognitive Apps Software Solutions visit https://cogapps.com

Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the government and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.

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FAQ

What is Life Clips' new initiative in Mexico and its stock symbol?

Life Clips (LCLP) has launched Belfrics Mexico to provide blockchain-based wallet and remittance solutions.

What were the remittance flows to Mexico in 2021?

In 2021, total remittances to Mexico reached $51.6 billion, up 27% from 2020.

What is the projected value of digital payments in Mexico for 2022?

The digital payments segment in Mexico is expected to reach $71 billion in 2022.

What is the expected CAGR for healthcare blockchain spending in Mexico?

Healthcare blockchain spending in Mexico is expected to have a CAGR of 44.5% from 2019 to 2025.