April 12, 2021 – Toronto, Ontario – Newt Corporation (“Newt” or the “Company”) is pleased to announce the start of a Card Issuance Program in Mexico, in partnership with ABC Capital Bank (“ABC Capital”).
Under the terms of the partnership, a VISA-branded card, issued by ABC Capital, will be integrated into Newt’s mobile wallet.
This important milestone completes the development of Newt’s “Fintech-as-a-Service” solution, which will allow its B2B partners to offer a one-stop mobile wallet enabled for retail and E-commerce payments, bill payments, domestic P2P transfers, cross-border money transfers, and access to micro-loans, as well as many other services under a comprehensive loyalty plan.
Newt’s app will thus provide not only access to its traditional payment catalog, but will become a payment hub through a VISA-issued bank card (physical and virtual), enabling users to make payments at retail stores and online, and to benefit from local ACH rails (SPEI) to send and receive funds domestically and internationally.
Additionally, the app will be positioned to engage in Lending Services through ABC’s Lending Module, to be funded through Newt’s recently-acquired SOFOM – a Mexican non-banking financial entity.
Sergio Maya, CEO of Newt Latin America, commented: “We are extremely proud to announce the partnership with ABC Capital. Given ABC’s commitment to support Mexican non-banking financial institutions such as ours, this initiative completes a key component of our vision to bring to the market the most advanced mobile wallet, allowing users to benefit from various financial services they never had access to before, through one simple mobile application.”
Steven Hoffmann, Founder and CEO of Newt, added: “This partnership represents the completion of the product and service vision we mapped out for Newt, when we committed to building a truly scalable B2B “Fintech-as-a-Service” solution. We are now ready to leverage our relationships with leading Mexican brands by delivering the solution they have been waiting for, as well as expanding this capability to the US, where we already have a card top-up agreement with Green Dot Bank.”
About ABC Capital Bank
Founded in 2008, ABC Capital, S.A., Institución de Banca Múltiple, is a B2B bank dedicated to serving several strategic segments, including Home Developers, Non-Banking Financial Intermediaries, SMEs, and the Business Sector at large.
ABC Capital’s partnership with CEMEX (Mexican multinational building materials company) has proven successful for the last 14 years in home construction development, with more than 180 executed projects and over $350 million USD.
Motivated to innovate in financial technology sector in Mexico, ABC Capital recently founded a Fintech division, committed to developing this new market by acting as an intermediary between non-banking financial institutions and the banking system.
For more information, visit https://www.abccapital.com.mx
Newt Corporation is a Canadian Company with subsidiaries in USA, Luxembourg & Mexico, currently delivering state-of-the-art digital payment services to consumers and service providers where 60% of the adult population does not have a bank account and where 80% of personal payments are made in cash. It currently provides Saas Software solutions within the Fintech Software Solutions Services, primarily focused on B2B such as Retail, Institutions and SME’s providing services to employees and the unbanked market.
Utilizing its developed SaaS technologies software and integrated partners, Newt can provide institutions, merchants, technology for solving KYC, AML, Mobile wallet, cashless mobile payment, bill payment, digital prepaid products, and other services for transactions on mobile devices, web and at Merchant Point of Sales.
Newt’s SaaS solutions, users and businesses can take away complex capabilities of transacting in the digital world, making payments, receiving funds, accepting bill payments at point of sales, thus allowing merchants a quick and seamless one-stop shop, for a more secure and efficient provider. It is currently launching its own operated network of self service kiosks and applications that are designed to provide more convenient payment alternatives for consumers and more efficient billing for service providers.
Newt’s current SaaS platform is utilized by clients throughout North America & Latin America. Recently top enterprises and SME’s are choosing Newt as their single service provider for Payment solutions. Newt envisions providing a next generation of technologies in a complete Services agreement. The company’s platform has been designed from the ground up for modern digital transfers with an ecosystem with full configurability, open API integration and enhanced value-added services.
For more information, visit www.NewtFinancial.com