Cuentas Announces Letter of Intent With Banxit Ltd, an Israeli Fintech Company With Unique Secure Payment Financial Technology Platform
MIAMI, September 6, 2018 /PRNewswire/ --
Cuentas, Inc. (OTCQB: NXGHD) (the "Company" or "Cuentas"), a FinTech company delivering mobile banking, credit and telecommunications to the unbanked, underbanked and underserved population, estimated at 70 million people in the USA , has announced that it has signed a non-binding Letter of Intent (LOI) with BanXit Ltd, an Israel FinTech company that has developed a unique secure payment financial technology platform to provide advanced and innovative solution for banks and financial institutions. A binding agreement is scheduled to be signed by October 31, 2018.
The BanXit platform helps financial institutions meet the growing demand by consumers in the new financial world - demands fueled by, and fueling, the Secure Payment Technology revolution. This new financial world is one where loans, currencies, and payments can be securely managed independently of central authorities.
In the new economy customers can choose to use services that best suit their individual needs, financial institutions need an innovative technology platform to support new products and new ways of doing business.
BanXit has developed a state of the art, patent-pending Secure Payment technology platform designed from top to bottom to meet the needs of banks and other financial institutions well into the future, integrating with legacy backend and external systems.
"Banxit system is designed to provide banking technology services to assist banks and financial institutions to significantly lower their costs compared to traditional banking systems, without compromising quality or security" states Moshe Beeri, Co-Founder and CTO.
"Banxit platform bring to Cuentas customers secure environment. We look forward to incorporate BanXit services into Cuentas online banking services, this merger will be great milestone for Cuentas", stated Arik Maimon, CEO & Founder of CUENTAS. "Integrating the technical and financial solutions that BanXit has developed should bring great value to Cuentas," added Maimon.
""BanXit's patent pending technology should help Cuentas accelerate the development of its financial solutions for the unbanked and underbanked populations in the US," stated Michael De Prado, President & Founder of CUENTAS. "Cuentas continually strives to integrate successful technology towards the goal of offering a full-service platform for the Cuentas target market," added De Prado.
About Cuentas, Inc.
Cuentas is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions, including wireless MVNO, to underserved, unbanked, and emerging markets. For more information, visit http://www.cuentas.com.
About Banxit.
The BanXit team is an innovative group of Fin-Tech professionals with experience in translating technological vision into creative solutions for new financial economy.
For more information visit http://www.banxit.co
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. The potential risks and uncertainties include, among others, that the reverse stock split may not have the intended benefits, that the Company may not meet applicable NASDAQ Capital Market requirements necessary for listing and/or NASDAQ may not approve the Company's listing application; and any capital raises. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements.
For inquiries: Cuentas, Inc. 1-800-611-3622 info@cuentas.com
SOURCE Cuentas, Inc.
