NORTHRIDGE, Calif., Dec. 16, 2020 (GLOBE NEWSWIRE) -- via InvestorWire --Innovative Payment Solutions, Inc (the Company or Innovative), (OTCQB: IPSI),a U.S.-based fintech company building 21st century digital payment solutions, announced today the launch of a joint venture with blockchain and artificial intelligence company BLGI, Inc. (OTCQB: BLGI) to help expand the Company into global digital payment infrastructures.

The joint venture will ultimately advance the companies mutual efforts towards unlocking blockchain technology for swift funds processing, ensuring simplicity of payment for services at a substantially reduced cost for consumers and secure network to transfer funds anywhere in the world. The companies intend to join forces and facilitate the expertise of each in order to enhance and develop a one-of-a-kind digital payment solution that meets the needs of unbanked and underbanked communities throughout the U.S. and worldwide.

Innovative brings to the joint venture its extensive prior experience of operations in Mexico and is building a fintech ecosystem that uses multiple devices in order to help meet the needs of both consumers and service providers.

Our agreement with BLGI provides our companies with a tremendous opportunity to develop, evaluate and implement a blockchain technology that will expand our distribution ecosystem and coordinate analytical marketing data through our provision of comprehensive financial solutions to unbanked, underbanked and fully banked consumers, said Innovative Payment Solutions, Inc. CEO William Corbett.In addition, Lawrence P. Cummins, current chairman and CEO of BLGI, has recently joined our advisory board to provide his vision and insight to our ongoing business development.

Innovative has built an effective payment rail and a unique business model, stated Cummins. I envision a great opportunity in this joint collaboration and am looking forward to fast-track Innovative into the market and enhance its product proposition.

About Innovative Payment Solutions, Inc.

Innovative Payment Solutions, Inc. (Innovative) strives to offer cutting-edge digital payment solutions for consumers and service providers. Innovatives ecosystem will span multiple devices, such as self-service kiosks, mobile applications and POS terminals, offering alternative payment methods, including money remittance, to meet the needs of consumers and service providers. (www.investor.ipsipay.com)

About BLGI, Inc.

BLGI is a data science company that develops innovative solutions for blockchain technology, machine learning, artificial intelligence and data security. BLGI designs bespoke solutions that can be integrated on the blockchain and are tailored to a clients industry, including but not limited to asset management banking, cryptocurrency, Forex, media publishing and healthcare data management. (www.blgi.net)

SAFE HARBOR STATEMENT

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statement of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should" or "will" or the negative of these terms or other comparable terminology and include statements regarding the companies mutual efforts towards unlocking blockchain technology for swift funds processing, ensuring simplicity of payment for services at a substantially reduced cost for consumers and secure network to transfer funds anywhere in the world, the intention to join forces and facilitation of its expertise in order to enhance and develop a one of a kind digital payment solution that meets the needs of unbanked and underbanked communities in the U.S. and worldwide.

These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to leverage our extensive prior experience of operations in Mexico and building a fintech ecosystem that uses multiple devices in order to help meet the needs of both consumers and service providers, our ability to position the Company for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economies in California and Mexico, and the other factors discussed in the Companys Annual Report on Form 10-K for the year ended Dec. 31, 2019, and the Companys subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

For investor inquiries, please call (818) 864-4004 or email: info@ipsipay.com

Corporate Communications:

InvestorBrandNetwork (IBN)Los Angeles, Californiawww.InvestorBrandNetwork.com310.299.1717 OfficeEditor@InvestorBrandNetwork.com

Link:

Innovative Payment Solutions, Inc. Launches Joint Venture with BLGI, Inc. to Expand its Blockchain Technology Application - GlobeNewswire