VANCOUVER: CannaOne Technologies Inc. has entered into a memorandum of understanding for the acquisition of 51% of Direct Agent 5 Inc. (DA5).
DA5 is a Philippine-based corporation, which serves as a remittance and forex licensed entity with Bangko Sentro Pilipinas (BSP).
Cannaone has agreed to issue an aggregate of 11.823 million common shares to the current shareholders of DA5, with a value of $7.895-Million USD, to acquire a 51% stake in DA5.
DA5 processed over $500 Million USD worth of remittance and forex transactional volume over more than 1.4 million transactions in 2020.
DA5 is recognized as one of the truly premier global remittance and forex providers in the Philippines.DA5 has a 15-year operating history with over 2,350 physical locations throughout the Country to service the 110-million-person domestic population and an ever-growing and expanding international client base.
DA5 offers a comprehensive mobile app for both Android and iOS, capable of various digital and eWallet payment channels and cryptocurrency trading.
It additionally provides bill payment capabilities through nationwide Bayad Centers and a multitude of additional prepaid and loan disbursement mechanisms for external micro lending companies.
Finally, DA5 currently seeks approval for both a VCE (Virtual Currency Exchange) license for cryptocurrency trading and an EMI (Electronic Money Issuer) license for “Direct Credit Card Issuing and Acquiring”.
Noted Raymond Babst, CEO and Founder of Direct Agent 5 Inc.,“Since I launched the business in 2006, it has always been my dream to be able to someday introduce DA5 to the rest of the World. This dream will now be a reality in the coming weeks and months.
Personally, I have always felt extremely proud of the thriving business and streamlined operation and network I have been able to build throughout the Philippines. The partnership with CannaOne offers me the technical support, business expertise and financial resources necessary to allow me to immediately focus on driving the DA5 network internationally to make it the prestigious global brand I have always hoped for.
I am very excited with the synergies both DA5 and CannaOne bring to the table that together will make e-Payments and Crypto exchange services more affordable and accessible to consumers around the World. “
WorldPay January 2020 Global Payments Report recently provided the following analysis on the Asian digital payment landscape, “Asia has the highest adoption of digital payments in the world. Though consumers pay in many ways, one broad trend is clear: APAC consumers are gravitating toward the use of mobile and digital wallets.
A perfect storm of factors is fueling widespread use of electronic payments across the region, both in eCommerce and at the point of sale. Ubiquitous mobile devices, advanced digital infrastructure and the growing power of “super apps” have helped digital/mobile wallets rise faster in APAC than anywhere else in the World.
With concentrated efforts by the Filipino government and its central bank, be prepared for an influx of mobile options in this highly mobile-dependent country.
Coupled with the continued development of physical infrastructure, digital payments are helping to lay the groundwork for a more inclusive society—as well as an inviting market for eCommerce growth.”
“At Cannaone we are seeking to build a single financial technology layer that will connect banks, payment service providers, digital currency exchanges and remittance companies. The DA5 acquisition is a huge milestone for our organization and represents the linchpin transaction that will spearhead the immediate execution and deployment of our global financial ecosystem infrastructure for the digital age,” stated Mr. Michael Penner, the President and Chief Executive Officer of CannaOne.
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