Business
Bubblr Signs Letter of Intent with Key Fintech Company
Bubblr Signs Letter of Intent with Key Fintech Company.
About this update from Bubblr Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 05, 2021 (GLOBE NEWSWIRE) -- via NewMedia Wire -- Bubblr Inc., (OTC PINK: BBLR), (\"Bubblr\" or the \"Company\"), an ethical technology company focused on the development and commercialization of mobile-first technologies, today announced it has signed a Letter of Intent with Obrenza Ltd., a Fintech company, to negotiate an initial investment and an option to purchase the business. Obrenza’s Designations and Approach to Broaden Bubblr’s Reach Obrenza’s through its wholly owned subsidiary has recently acquired FCA status (UK Financial Conduct Authority) as an Authorized Payments Institution. This authorization enables them to carry out AISP (Account Information Services) and PISP (Payment Initiation Services) activity. PISP enables firms to offer electronic payment services such as online payments. It is difficult to achieve status as an Authorised Payment Institution and the process can take many months. Others offering similar payment services are typically credit card companies, banks and payment processors. There are less than seventy (70) UK firms that offer PISP only. In addition, Obrenza also intends to apply to become an EMI (electronic money institution). Once EMI approval and full authorization is achieved, they will be able to issue electronic money to be held in an electronic wallet. Currently, when online payments are made, a vast amount of data is created, and many firms consider this an important source of additional revenue. Obrenza is developing a privacy-based payment system that will offer lower fees to merchants and minimize the data needed to complete payments and effectively become an 'anonymized payment processor', a business model which is in complete alignment with Bubblr's policy of anonymous search. Prior to the launch of the ad-free marketplace, Bubblr will launch a marketing campaign to sign up small businesses for the marketplace. As part of this campaign, we plan to include the option for the same businesses to signup for the low-cost Obrenza payment processor. This will reduce their costs and also prevent their customer's payment behavioural data from being sold on to third parties, again in line with Bubblr's objective to retain customer anonymity. Steve Morris, Chief Technology Officer of Bubblr, Inc. stated: \"We are delighted to have the opportunity to begin ...