AVENTURA, Fla., Aug. 19, 2022 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today that Belfrics Mexico, a unit operated by Belfrics Group, has commenced Mexican operations to serve Mexico’s growing blockchain, cryptocurrency and digital asset market. Belfrics Mexico will introduce its blockchain-based wallet and remittance solution to capitalize on the trend towards increasing remittances in Latin America. Originally formed in 2019, development plans for Belfric’s Mexico were sidelined due to the covid pandemic. With business returning to normal, Mexico is emerging as a hotbed of blockchain and cryptocurrency innovation. The Mexican market stands out as one of the biggest crypto opportunities in Latin America due to its remittance business. According to Statista, a global provider of market and consumer data, Mexico’s largest fintech market segment will be Digital Payments with a total transaction value of USD 71 billion in 2022. The Neobanking segment is expected to show revenue growth of 46.3% in 2023.
Belfrics CEO and founder, Praveen Kumar, said: “The Mexican market will be the first region for Belfrics to deploy the blockchain-based wallet and remittance solution. In 2021, Mexico was the third largest recipient of remittances worldwide, as the amount of money sent to the country from nationals living abroad increased According to the Mexican Central Bank, total remittances reached $51.6 billion in 2021, which was a 27% increase from 2020. Research from The Center for Latin American Monetary Studies says this increase is a direct increase results from Mexican front-line workers in states like California, Texas and New York earning more income while receiving US government-backed stimulus checks Most importantly, remittance-specific crypto products have recently been introduced that mainly use Stablecoins in the Latin American market Stablecoins are ideal for remittances , since they are tied to a fiat currency. This eliminates much of the price volatility while allowing consumers to take advantage of the speed and lower fees of crypto.”
“While Belfric’s Mexico licenses for wallet and exchange services are in process, the initial focus will be on establishing our healthcare and educational dapp products to the Mexican ecosystem,” added Mr. Kumar. “It is estimated that blockchain healthcare is expected to register a CAGR of 44.5% over a period of 2019-2025, increasing from USD 9.3 million in 2019 to USD 122.3 million by 2025. We believe that our blockchain – offer will be an ideal offer solution for the Mexican market.”
Life Clip CEO Robert Grinberg said, “Mexico is an important destination for our growth plan. There are not enough blockchain nodes in Mexico and Latin America, which leads to transaction overcrowding.” Mr. Grinberg continued, “Belfric’s commitment to regulatory approval in Mexico is the latest example of their commitment to compliance and our constructive approach to regulatory engagement. We look forward to expanding our suite of available offerings and services, and continuing to work with stakeholders on across sectors to advance blockchain technology, cryptocurrency and digital assets.”
Belfric’s Mexico operations will be run by Manuel Esquivel and Carlos Arce, two senior professionals with a wealth of experience in the Mexican market. Mr. Esquivel holds a law degree from NAU Mexico and he has more than ten years of experience in foreign exchange and derivatives markets in Latin America. Mr. Arce also holds a law degree from NAU Mexico and holds board positions in leading conglomerates in Mexico, and has been integral to the development of the financial system for Banco Agropecuario, Banrural and Banobras Bank. With capable leadership and with KYC compliant Belrium blockchain solutions, Belfrics aims to be a leading blockchain solutions provider and digital asset provider in Mexico by 2024.
About us
Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform licensed and regulated by the Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-functional trading platform offers digital assets, cryptocurrencies and crypto derivative contracts to its clients. Belfric’s blockchain has been recognized by Gartner as a top 10 real-world blockchain and has received a patent for its Belrium KYC Verification System (BKVS) by the Nigerian Patent Authority. Cognitive Apps is disrupting mental health with its voice-based, AI-powered mental health analytics platform that empowers businesses to measure, understand and improve the mental well-being of their employees, patients and customers. Aiki delivers CBT and IPT therapies using a chatbot that includes the voice analytics solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms used by individuals and businesses to raise awareness of employee mental health. Cognitive apps are developed by a team of licensed psychotherapists who use vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Aiki is available on Apple’s App Store.
For more information about Life Clips visit www.lifeclips.com
For more information on Belfrics Global visit www.belfricsgroup.com
For more information about Cognitive Apps Software Solutions, visit
Disclaimer for forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects, “assumes,” ” projects”, “predicts”, “estimates”, “measures”, “believes”, “hopes”, “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and accordingly actual results may differ materially from those expressed or implied by such forward-looking statements: (i) initiation, timing, progress and results of the Company’s research, production and other development efforts; (ii) the Company’s ability to advance its products to complete development and commercialization; (iii) the production, development, commercialization and market acceptance of the Company’s products; (iv) lack of sufficient funding to fund product development and business operations; (v) competing companies and technologies within the Company’s industry and the introduction of competing products; (vi) the Company’s ability to establish and maintain corporate partnerships; (vii) loss of key management personnel; (viii) the extent of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to conduct its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting government actions and its regulations. All forward-looking statements included in this press release speak only as of the date of this press release. The Company undertakes no obligation to update any written or oral forward-looking statement except as required by law.
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