Cuentas, Inc. Announces New Direction from Fintech to Digital Content & Product Distribution together with Mobile Data and Cellular offerings.

Rhea-AI Summary

Cuentas, Inc. (OTC: CUEN & CUENW) has announced a significant strategic shift, moving away from fintech to focus on digital content and product distribution, along with mobile data and cellular offerings. The company has mutually agreed with InComm to end their fintech processing agreement for prepaid debit cards, receiving a $475,000 credit in the process. Cuentas will maintain its InComm Resale Agreement to provide digital content, transportation access, mobile top-ups, and cellular services.

The company is working on integrating services with World Mobile and a nationwide carrier to revolutionize digital and prepaid mobile telecommunications in the US, including universal and Lifeline access. CEO Arik Maimon emphasized that this new direction will combine their long-term relationship with InComm and newly developing partnerships to leverage Cuentas' distribution network and telecommunications expertise.

Positive

• Received $475,000 credit from InComm for closure of fintech processing agreement
• Maintaining InComm Resale Agreement for digital content and cellular offerings
• Developing partnerships with World Mobile and a nationwide carrier for expanded telecommunications services
• Focusing on potentially lucrative digital content and mobile services market

Negative

• Closure of fintech division, potentially losing revenue stream from prepaid debit card services
• Strategic shift may require significant investment and restructuring

Cuentas signs mutual agreement with InComm for closure of Fintech Processing Agreement to concentrate on Digital Content, Wireless Internet Connectivity and Mobile Phone offerings.

MIAMI BEACH, FL, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTC: CUEN & CUENW) (“CUEN” or “the Company”), recently filed an 8k disclosing the mutual sunsetting of its fintech processing agreement for the prepaid debit card with Interactive Communications International, Inc., (“InComm”) on August 12, 2024 and InComm’s issuance of a $475,000 credit to Cuentas to complete the closure.

Cuentas is changing direction and is closing its fintech division while it maintains and develops its InComm relationship. Cuentas will continue its InComm Resale Agreement to supply digital content, digital transportation access, mobile top-ups, bodega access and cellular offerings.

Cuentas is working to integrate the service offerings of World Mobile, Cuentas and a nationwide carrier that will revolutionize the digital and prepaid mobile telecommunications offerings in the US. This will include universal and Lifeline access to millions of households in the United States.

"This new direction for Cuentas will combine our long term relationship with InComm with the amazing capabilities and technology of these newly developing partnerships," said Mr. Arik Maimon, CEO and co-founder of CUEN. "We will continue to supply digital content, transportation access and mobility services while leveraging our extensive distribution network, three decades of telecommunications expertise, and our newly developing partnerships."

Cuentas, Inc. (OTC: CUEN & CUENW) is redesigning its proprietary technologies to integrate e-commerce, digital content and mobility services into solutions that deliver next generation services to the entire country, including unbanked, under-banked and underserved populations nationally in the USA. The revitalized Cuentas Platform will integrate Cuentas Mobile, the Company’s Mobile Telecommunications solution, with advanced digital and wireless services offerings to help entire communities across the nation. LINK: https://cuentas.com AND https://cuentasmobile.com.

About World Mobile

World Mobile was founded with a far-reaching goal: to connect everyone, everywhere while advocating for economic freedom and dignity. Unlike traditional mobile networks, World Mobile is based on blockchain and incentivises people to be part of a sharing economy that taps into the trillion dollar global telecom market. Individuals and business owners around the world can operate nodes on its network and bring their community online while earning revenue.

Contact Information: Arik Maimon CEO at Cuentas Inc Email: arik@cuentas.com

For media inquiries: Investor Relations Email: info@cuentas.com Cuentas Inc. (OTC:CUEN)

FAQ

What is Cuentas' new business direction as announced on August 19, 2024?

Cuentas (OTC: CUEN) announced a shift from fintech to digital content & product distribution, along with mobile data and cellular offerings. The company is closing its fintech division and focusing on digital services and telecommunications.

How much credit did Cuentas receive from InComm for closing the fintech processing agreement?

Cuentas (CUEN) received a $475,000 credit from InComm to complete the closure of their fintech processing agreement for prepaid debit cards on August 12, 2024.

What services will Cuentas continue to offer through its InComm Resale Agreement?

Cuentas (CUEN) will continue to supply digital content, digital transportation access, mobile top-ups, bodega access, and cellular offerings through its InComm Resale Agreement.

What new partnerships is Cuentas (CUEN) developing for its telecommunications offerings?

Cuentas is working to integrate service offerings with World Mobile, Cuentas, and a nationwide carrier to revolutionize digital and prepaid mobile telecommunications offerings in the US, including universal and Lifeline access.