digitalBTC Signs MoU for AirPocket Distribution in Latin America and the Caribbean
Perth, May 12, 2015 AEST (ABN Newswire) - Digital payments company Digital CC Limited (trading as digitalBTC) (
ASX:DCC) is pleased to announce it has signed an Memorandum of Understanding (MoU) to form a Joint Venture Company (JVC) for the distribution and marketing of AirPocket, it's disruptive remittance product, beta launching in Q2 2015.
- Exclusive agreement signed with American based partners to form a Joint Venture Company (JVC) to facilitate the distribution and roll out of AirPocket throughout Latin America and the Caribbean
- AirPocket is a disruptive new technology product targeting the significant and established remittance market
- Primary initial markets for AirPocket will be Latin America and the Caribbean
- U.S to Latin America remittance corridor estimated as a US$84 billion market opportunity
- Joint Venture, with key distribution partners, brings significant business experience in the finance, telecoms and remittance sectors and extensive local networks in the U.S, Latin American and Caribbean markets
- Formation expected to accelerate roll out of AirPocket in Latin America and the Caribbean through development of commercial partnerships
- digitalBTC will provide AirPocket application to the JVC under a license with all IP remaining within digitalBTC
- JVC is to be co-funded by digitalBTC and partners on a pro-rata basis
The purpose of the Joint Venture is to establish a strong distribution and marketing ability in the Latin American and Caribbean markets to accelerate the roll out of the AirPocket product, targeting the remittance sector. The role of the Joint Venture partners will be to create strategies, plan and execute the roll out of AirPocket in the Latin American and Caribbean markets through the procurement of commercial agreements with third parties.
The Joint Venture Company intends to seek commercial partnerships with large corporations such as banks, telecomm providers, retailers and distribution networks in the region for the marketing, promotion and sales of AirPocket. Through commercial partnerships with third parties, the Joint Venture expects to achieve a broader consumer appeal, awareness and usage in the market for the AirPocket product.
As part of the Joint Venture digitalBTC will hold at least 75% interest in the JVC and its equity partners will have up to a 25% equity stake based on mutually agreed performance criteria.
The Joint Venture equity partners will consist of respected US finance and banking industry identities Sanjay Santhanam, Juan Carlos Barrera and William Witenberg, with Jorge Nicolau taking a seat on the advisory board.
All partners bring significant relevant experience in the finance and telecoms sectors and extensive Latin American and Caribbean networks, which will be invaluable in launching and driving rapid mass adoption of the AirPocket product.
Partners and Advisory Board Members
Sanjay Santhanam has over 25 years of experience in financial markets, having spent the bulk of his career working with large financial institutions. Most recently he held the position of Partner at the Galleon Group, a multi-billion dollar hedge fund. His roles there also included Global Head of Risk Management and Strategy and Managing Member of Galleon International. Mr. Santhanam has a wealth of corporate and investment expertise having invested and served on the board of numerous successful companies, both public and private.
Juan Carlos Barrera is an entrepreneur with a wealth of experience in the financial services and technology industries. Mr. Barrera is currently serving as the Interim President and Head of Global Initiatives at Sports195, a global digital sports company. He served as CEO of Global Select Wealth Management, where he pioneered the development of in-country asset allocation platforms and investment products tailored specifically to institutions around the world. For over 20 years Mr. Barrera held senior positions at Prudential International Investments, one of the largest financial services institutions in the world.
William Witenberg is the founder of Witenberg Investment Companies, Inc., a fully disclosed introducing broker dealer into Goldman Sachs from 1997 to 2011. Witenberg Investment Companies, Inc., counted among his clients a substantial number of institutional investors and high net worth individuals. The Company was previously the West Coast partner with the trading operation of Generic Trading LLC and has significant M&A advisory expertise. The firm's experience also spans the digital currency and real estate markets. Prior to founding Witenberg Investment Companies, Inc, Mr Witenberg held positions with Dean Witter, Solomon Brothers and Lazard Freres.
Jorge Nicolau, OBE has over 40 years' experience in the Latin American market having spent the past 15 years at Cable & Wireless Communications(the leading mobile and broadband supplier in Panama), departing his role as President and CEO in 2014. He has significant experience of bringing new products to the market, having successfully launched Pay TV for the first time in Panama. Mr. Nicolau has an extensive network of contacts in the telecoms and retail industries in Latin America. He is the recipient of the Order of the British Empire (OBE), granted by Queen Elizabeth II in 2014.
Zhenya Tsvetnenko, Executive Chairman, digitalBTC commented:
"The quality of the Joint Venture team provides strong validation of the commercial potential for AirPocket and I'm confident they are the right people to execute the businesses strategy in Latin America and the Caribbean and capitalize on the huge potential to disrupt the multi-billion dollar remittance market."
Contact
digitalBTC
Zhenya Tsvetnenko
Executive Chairman
T: +61 8 9389 2000
Alex Karis
Chief Executive Officer
T: +1 (617) 544 3150
Media
Media & Capital Partners
Asher Moses
Director
+61 438 008 616
Asher.moses@mcpartners.com.au
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