MyBucks S.A. Announce Strategic Partnership
- MyBucks S.A. enters strategic partnership with The NAGA Group.
- NAGA is launching a revolutionary new cryptocurrency wallet with unique features.
- Over 1.5 million MyBucks clients will instantly gain access to this newly launched NAGA WALLET.
- The new partnership offers MyBucks' clients access to cryptocurrencies and will among other offerings, solve payment and remittance issues for millions of the unbanked and underbanked around the world.
- Unique milestone in MyBucks' ongoing vision to become a fully inclusive digital bank.
Hamburg / Luxembourg – April 10, 2018 – Frankfurt listed FinTech companies MyBucks S.A. (MyBucks; WKN: A2AJLT, ISIN LU1404975507, Ticker MBC:GR), a leading digital banking group with a focus on high-growth Frontier and Emerging Markets, and The NAGA Group AG. (NAGA; WKN A161NR, ISIN: DE000A161NR7, Ticker: N4G) are pleased to announce a strategic partnership.
MyBucks will implement NAGA’s innovative crypto wallet within its client interface and existing MyBucks mobile wallet, making it instantly available to the brand’s more than 1.5 million customers across 12 African countries, Australia, and the new territories that MyBucks plans to enter. MyBucks will be the exclusive business partner for the NAGA WALLET in the countries where it currently operates and in its imminent expansion into new markets. The partnership allows NAGA to focus on Developed Markets and use its partnership with MyBucks to gain market share in Emerging Markets.
The partnership brings exciting new benefits to MyBucks’ clients: The NAGA WALLET will provide MyBucks clients with a fast and affordable way to access and manage crypto assets thanks to features such as instant, real-time transactions, and up to 50% lower transaction fees when using the NAGA COIN. While most other wallets just support a few currencies, NAGA WALLET supports 5 coins and more than 1,200 tokens.
In addition to the wallet allowing access to crypto assets for trading and investment purposes, its most important feature will be the access to instant, real-time money transfers – at a fraction of the cost of traditional companies. This unique feature enables users to send and receive crypto payments using only their email address rather than the hundreds of complicated numbers that currently constitute a cryptocurrency address. Users will not only be able to send cryptocurrencies via their email to other NAGA WALLET members, but they will also pay approximately 50% less transaction fees if they use NGC as a fee payment method.
When sending or receiving, any cryptocurrency can be converted to and from cash in real-time with very little cost, making the MyBucks NAGA WALLET the most efficient method to transfer money within and between African countries, and from Western countries into Africa and back. Remittances into Sub-Saharan Africa amounts to $34 billion annually, and MyBucks and NAGA are confident that together they will gain significant market share in the remittance business within the next 2-3 years, based on their superior technology, easy handling, and low fees.
Additionally, the wallet also enables other investment features, such as stock trading and trading in virtual goods. Both companies firmly believe that this partnership will enable millions of people to have access to mainstream cryptocurrency services, thus helping to solve payment and remittance problems for millions of unbanked and underbanked people in Africa and other Emerging and Frontier Markets, with future application around the world. This is a unique milestone in MyBucks’ ongoing vision to become a fully inclusive digital bank. Over time, MyBucks management expects that it will add a significant income stream to the company.
Dave van Niekerk, Executive Chairman at MyBucks underlines: “The new Fintech world is about partnerships, collaboration and interoperability. The NAGA and MyBucks partnership is a great example of two companies joining forces to attract new clients in new markets and enabling their existing clients to do more business with us. This will gain both companies more market share and allow us deliver products and services to new markets. MyBucks is committed to financial inclusion and Cryptocurrencies must be part of that solution going forward.
Yasin Sebastian Qureshi, Executive Director and Founder of NAGA says: “We are super excited to expand the NAGA platform to new continents, thus making our platform even more inclusive and encompassing.”
“We believe that this partnership will not only bring benefits to both platforms’ communities but will also bring new opportunities for the underbanked. It is also one of the first proof of concepts that highlights how blockchain technology for certain problems, such as remittances in our case, is a superior solution and disrupts even traditional tech companies.”, adds Benjamin Bilski, Executive Director and Founder NAGA.
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks and GetSure the company offers impact loans, unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in twelve African and two European countries as well as in Australia. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently.
Discover more at http://www.mybucks.com.
ABOUT THE NAGA GROUP AG:
THE NAGA GROUP (NAGA) is a German publicly listed FinTech company with a focus on financial markets, virtual goods and cryptocurrencies, founded in August 2015 by Yasin Sebastian Qureshi, Benjamin Bilski and Christoph Brueck. The company's goal is to drive the development, marketing and growth of disruptive applications for financial technology, and to actively participate in the change and opening up of the existing financial system. The word "NAGA" is Sanskrit and means "Cobra snake". It is also the name of the world's hottest chili variety. In 2017, NAGA has completed a successful IPO and established the NAGA Coin (NGC) in cooperation with its partner Naga Development Association Ltd. during an ICO.
Link THE NAGA GROUP Website: https://www.thenagagroup.com
Link NAGA TRADER Website: https://www.nagatrader.com
Link SWITEX Website: https://www.switex.io
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