New York, New York (NetworkNewsWire) – Busily upending
mainstream banking and lending, the FinTech market is
revolutionizing core components of the finance industry, and one of
the standout benefits of this FinTech revolution is that
entrepreneurs, small-business owners and high-risk enterprises have
unprecedented access to the investment capital and financial
services they need. Notable players in this disruptive, burgeoning
market include entities like Global Payout, Inc. (OTC:
GOHE) (GOHE
Profile), which, through its
MoneyTrac Technology, Inc. subsidiary, offers payment solutions to
high-risk industries such as cannabis. Global Payout is joined by
other companies disrupting the financial side of marijuana,
including MassRoots, Inc. (OTC: MSRT),
mCig, Inc. (OTC: MCIG) and Glance
Technologies, Inc. (OTC: GLNNF) (CSE: GET), as well as the
activities of companies like Mentor Capital, Inc. (OTC:
MNTR).
FinTech is a relatively young but burgeoning market, using
technology to disrupt traditional financial services rather than to
serve them. This disruptive presence is important for many reasons.
For one, it is breaking the chokehold of banks and other financial
institutions—which have traditionally eschewed making small loans
with low margins—giving entrepreneurs and small businesses access
to the capital they need to get their companies off the ground or
grow their existing enterprises. The FinTech uprising also provides
access to other lending options and streamlines the application
process in ways that traditional financial institutions cannot.
The key benefits of the FinTech industry are improved
accessibility to lending options and an accelerated application
process for businesses and individual consumers, and traditional
banks and other financial institutions are feeling the effects. A
recent executive summary on global FinTech released by PwC
indicates that 30 percent of consumers intend to increase their
usage of nontraditional financial services providers during 2017,
while only 39 percent planned to continue using traditional
financial services providers.1
In the business realm, the benefits of FinTech are being keenly
felt. In addition to gaining easier access to capital, companies
have been enabled, through the FinTech movement, to purchase
complicated financial software solutions and services they could
never have afforded in the past that would have once required an
entire in-house IT team to operate.
As a provider of next-gen B2B solutions for the automation of
international funds transfer, billing, payments and invoicing
processes, Global
Payout (GOHE) recognizes the potential of FinTech and
its increasing degrees of applicability.
In a recent corporate interview (http://nnw.fm/x9OSy), Global Payout CEO James Hancock
discussed assets of the company’s Global Reserve Platform (GRP),
including its provisions for blockchain technology within virtual
currency markets; its current ability to adopt 26 foreign
languages; its capability to perform currency exchanges across the
globe; and its KYC compliance for all account holders and
merchants.
While Global Payout is chiefly focused on logistics and
shipping, international travel companies, banks and
small-to-medium-sized businesses, the company is taking advantage
of increased consumer demand for FinTech and has positioned its
MoneyTrac subsidiary to provide a full-service solution for
alternative banking and electronic financial solutions for
companies in high-risk industries such as cannabis and
cryptocurrency.
"We also have negotiations with commercial banks, the cannabis
industry and cryptocurrency that we'll probably be talking more
about," Hancock stated in the aforementioned interview. "There's a
lot going on and we need to focus on the logistics side, but there
are other opportunities that we're excited about."
One of these opportunities blossomed into fruition earlier this
month when MoneyTrac signed a letter of intent (LOI) with BlazeNow,
Inc., an advertising and data collection platform that NY Daily
News once called the Yelp of the marijuana industry (http://nnw.fm/eurE5). The intention of the LOI is to
create a joint-venture partnership that enables MoneyTrac and
BlazeNow to merge their industry-specific resources to
substantially grow both brands as they serve the marijuana
industry.
MoneyTrac also recently partnered with H Smart Inc., a division
of Marijuana Company of America, that will enable MoneyTrac
Technology to indirectly enter the multibillion-dollar cannabidiol
(CBD) market (http://nnw.fm/2lvKq). H Smart, a developer and
distributor of advanced wellness and CBD products, will profit from
the use of technology offered through MoneyTrac to pay commissions
for its affiliates. It is anticipated that this agreement will
create significant revenue for MoneyTrac that will be realized
during the current fiscal quarter.
MoneyTrac's technology enables its clients to access their
financial information from anywhere in the world, in addition to
providing tracking and compliance to help them manage and control
the flow of all revenue through their business.
Because the broader marijuana industry is lacking in banking
options, the potential of MoneyTrac’s FinTech solutions are
underscored by other cannabis FinTech players, such as
MassRoots, Inc. (MSRT), which caters to more than
one million registered users through mobile applications that help
them make informed marijuana purchasing decisions. MassRoots is
empowering cannabis-related businesses through its MassRoots Retail
compliance and point-of-sale system to streamline their retail
operations and manage their compliance reporting to state
regulators. Boasting a significant market share of medical
marijuana patients within certain markets and having over 25,000
shareholders, MassRoots is uniquely positioned to serve the growing
cannabis market.
Originating as a vaporizer manufacturer, mCig. Inc.
(MCIG) has since evolved into a large-scale, full-service
cannabis cultivation construction company and, more recently, has
forayed into the technology space. In August, mCig announced the
expansion of its offerings to include merchant processing services
for cannabis businesses, which are currently sorely underserved in
this area as they do not presently have access to traditional
banking options because of federal restrictions. Through a
partnership with an experienced merchant provider and through the
creation of a new entity, mCig aims to offer a seamless,
comprehensive and secure payment solution for marijuana businesses
and dispensaries.
Another FinTech player now catering to the cannabis industry is
Glance Technologies, Inc. (GLNNF). The owner and
operator of Glance Pay, a streamlined payment system transforming
the way smartphone users make purchasing decisions and interact
with merchants, Glance Technologies has entered into significant
licensing agreements to access the cannabis industry through its
partially owned subsidiary Cannapay Financial. Cannapay Financial
combines traditional financial offerings with advanced technology
to offer digital and financial services to legal cannabis
businesses. Currently, Cannapay Financial has two apps in
development that leverage the company’s GlancePay mobile payment
system and are available for international licensing: Cannapay,
which is a mobile-to-mobile payment system for the marijuana
industry; and SuperDope Delivery, which is an app for mobile
ordering and cannabis delivery.
In August, Glance Technologies announced a strategy for the
development and acquisition of cannabis brands through Cannapay
Financial, to be distributed internationally through its mobile
payment apps. One component of the strategy is to seek successful
cannabis business participants to license the company’s technology
in other countries, and a second component is to use the company’s
apps to promote awareness of emerging marijuana brands in
jurisdictions where cannabis is legal or is in the process of being
legalized. Cannapay Financial also recently entered into an
agreement to acquire the rights to a package of holistic Ayurveda
formulas intended to treat various ailments and has agreed to
purchase all intellectual property relating to the creation,
production and manufacturing of these products. The company has
further purchased the rights to blend the product with cannabis to
create a new product line.
The great need of alternative forms of funding for cannabis
businesses is evidenced in the activities of companies like
Mentor Capital, Inc. (MNTR), which specializes in
assisting marijuana companies in meeting their liquidity and
financial objectives and in helping to incubate private cannabis
companies. Mentor Capital provides a low-cost option for leading
marijuana companies that are attempting to enter the public market
and also offers liquidity and support to help ensure those entities
are prepared to make the transition.
The future of the FinTech industry seems to be a very bright one
indeed, and many new technologies and startups are anticipated to
reach maturity by the year 2020. Within this disruptive market, the
named players are ones to watch as they change the financial
landscape of the marijuana industry.
Editorial Sources:
1) PwC.com: http://nnw.fm/XR7Fn
2) Office of the Comptroller of the Currency: http://nnw.fm/nrsM0
3) Zacks: http://nnw.fm/eQJu7
For more information on Global Payout,
Inc., please visit Global Payout
(GOHE)
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