March 26, 2020 – Toronto, Ontario – Newt Corporation (“Newt” or the “Company”) is pleased to announce the signing a Letter of Intent (“LOI”) for Newt’s SaaS Software under a three year SaaS contract with the Social Security Institute of Education Workers of the State of Veracruz (“SSTEEV), for payroll and bill payment services for its employees in the State of Veracruz, Mexico.
As per the terms of the agreement, the State of Veracruz will use Newt’s SaaS Software with enhanced lending functionality on an electronic transaction system for the modernization of the Social Security Institute. Newt’s SaaS software will allow the State of Veracruz workers to apply for loans online or via mobile phone with KYC background checks incorporated and store their information in the cloud. In addition, the system will provide reporting, calculation of interest, as well as administration portal for managing the program’s cash resources, member services and data analytics.
The Social Security Institute has more than 80,000 members throughout the state of Veracruz, and this number is estimated to increase to 200,000 over the next few years. The goal of this modernization project is to provide the workers with the most efficient state-of-the-art mobile and online service for cash advances. This will be a first of its kind digital SaaS software implementation for a municipality in Mexico.
As part of the collaboration, Newt shall develop a module enhancement to its SaaS software which will link loan management, applicant enrolment, the service portal and a mobile app branded “State of Veracruz” for use on Android and iOS devices.
Sergio Maya Aleman, CEO of Newt, stated: “We are proud to advance towards final technical terms for the SaaS agreement with the Social Security Institute. We are excited to improve the online system functionality for the State of Veracruz. We look forward to providing the most efficient online payroll loan service which is essential to the employees’ quality of life.” He added: “This is a noble initiative, and this solution will provide the State of Veracruz with a stable software which later on can be used for other municipalities within Mexico. When it comes to social and governmental organizations, providing the workers with immediate funding and bill payment services provides substantial added value for the employees managing their personal finances.”
Steven Hoffmann, Chairman and Founder of Newt, said: “We had planned for lending solutions in our SaaS platform, primarily for micro-loan capabilities in the future. We are excited to be able to develop and implement this lending solution. This contract will provide monthly revenue and will position the Company for servicing B2B clients with solutions on our platform. The State of Veracruz is the first of its kind and provides the opportunity for Newt to enter the institutional and government sector in Mexico. We are confident that our current architecture will provide seamless, easy to use functionality, further increasing the number of users for years to come.”
Social Security of Education Workers of the State of Veracruz
The Social Security of Education Workers of the State of Veracruz has been established in 1944, with the following three objectives in mind: improve institutional benefits, expand the range of services for beneficiaries and retirees, and support the wellbeing of workers and their families.
In the last six years it successfully implemented significant improvements in all areas of focus of the Institution: in the amount of financial reserves, retirement policies, insurance, short-term loans, Teaching Pharmacies, and in the additional services available to the beneficiaries and retirees.
For more information, visit https://ssteev.gob.mx
Newt Corporation is a Canadian Company with subsidiaries in USA, Luxembourg & Mexico, that aims to be a Fintech leader in SaaS Software Solutions Services, focused on B2B such as 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.
By choosing 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.
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