NextPlay Technologies, Inc., announced that NextBank International, the international banking unit of its fintech division, has partnered with TruCash Group of Companies Inc., a leading global payments provider, to launch NextBank Payments, which will include (but not be limited to) Mobile Wallets, Mobile Payments, Credit cards, Debit Cards, and Prepaid products. In addition, NextBank will have the opportunity to offer NextBank’s international banking services to TruCash’s millions of account holders worldwide.
Through its unique partnerships with top global networks, TruCash provides customized prepaid Visa® card solutions that offer a full range of payment options, benefits and rewards. TruCash will provide NextBank a comprehensive mobile wallet, which will include (but not be limited to) a debit and credit card infrastructure, which will include the implementation and management of loyalty programs for credit card issuance, merchant acquiring services and worldwide remittance services.
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“As an award-winning leader in the space, TruCash is a great partner for launching our first card services,” stated Todd Bonner, chairman of NextPlay Technologies and head of NextPlay’s fintech division. “They bring more than 25 years of experience in financial services along with worldwide coverage that we believe aligns perfectly with our mission and complementary capabilities.”
NextBank operates under a special license that permits banking for customers around the world in multiple currencies. The partnership with TruCash will enable NextBank to issue cards to customers in nearly every country around the globe, further expanding NextBank’s services.
NextBank plans to offer its new credit card services to partners throughout the world, such as under the recently announced agreement for members of the ABCC cryptocurrency exchange. Once implemented, Crypto exchange and other digital economy companies and their customers will be able to establish credit card and other accounts with NextBank, where they will be able to bank in fiat (government issued) currencies and easily move between fiat and their crypto assets.
The new partnership will also involve NextBank providing TruCash customers depository services (subject to customary compliance requirements), as well as commercial loans, residential mortgage loans, micro loans and wire transfers. Revenue generated by such transactions will be split between .
“We look forward to serving both traditional and crypto customers as they connect their digital assets to the global financial system,” added Bonner, “as well providing TruCash our premium international banking services.”
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We expect that exchanges and digital services providers with customers around the world will benefit from the reach and scope of NextBank’s expanded capabilities once the partnership with TruCash is fully implemented. Traditional businesses with international operations will be able to unify their banking through NextBank’s worldwide capabilities, rather than applying for and maintaining banking relationships in individual countries.
“We chose NextBank as a partner because they solve fundamental challenges faced by all international business like ours,” commented TruCash president, Diana Fletcher. “This includes the unification and organization of multiple international banking relationships and various international accounts. NextBank’s ability to extend banking services to multinational and international customers from a safe, U.S.-regulated bank is unique and long overdue in our new digitally-connected world.”
Once implemented, NextBank customers will be able to access NextBank credit card and international banking services via the NextBank Wallet mobile app. An Apple iOS version is available for download from the Apple store here and an Android version is available here
The new joint offering from TruCash and NextBank is expected to benefit from the rapidly growing global financial technology market, which is projected to grow at a compound annual growth rate of approximately 25% from 2022 to approximately US$324 billion by 2026, according to a Market Data Forecast.
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