San Diego, CA, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Tesoro Enterprises, Inc. (OTCMKT: TSNP) announced today that Singapore-based Cyberbeat, a leading digital payments and financial technologies company led by veteran digital payment industry executives of the Asia Pacific region has made a strategic investment into HUMBL, LLC.
The cash investment is consummate with a new partnership in which Cyberbeat gains the non-exclusive rights to sell, distribute and deploy HUMBL and HUMBL Hubs technologies into key verticals in the Asia Pacific in calendar year 2021 and beyond. Cyberbeat’s digital payment platform is uniquely positioned to address a vast Asia Pacific based clientele that fits with the key verticals of HUMBL, including: banks, financial services, telecom companies and national payment institutions.
HUMBL is a provider of the HUMBL® mobile wallet and HUMBL Hubs® merchant services software which is being developed to accommodate the migration by governments to digital forms of their national currency, as well as key functions like cross-border remittance, foreign exchange, bill payment and lending products from smartphones. The strategic partnership enables HUMBL to explore sales and installation expansions through Cyberbeat into operating markets such as Singapore, Myanmar, Nepal, India, Vietnam and the Pacific Islands, reflecting over a 1.5 billion consumer and merchant opportunity. Cyberbeat executives have had a proven track record of implementing and offering digital and traditional payment solutions of US-based partners such as Visa, Mastercard and American Express into the Asia Pacific and Pan-India markets. “We have seen a number of technology cycles over the decades at Cyberbeat. The national migrations to digital forms of ID’s, money, payments and financial services products is the most exciting one yet, and we believe the HUMBL brand will achieve mass penetration in this region, given its flexible technology solutions and architecture,” stated Cyberbeat CEO, Rajan S. Narayan. “We view this opportunity to establish this global relationship with a proven winner in the Asia Pacific region a significant achievement for HUMBL in the coming year. The Cyberbeat team has helped Fortune 500 brands expand their footprint into this region for decades, and we hope to be a part of that legacy during this next digital transformation cycle,” said Karen Garcia, VP Major Accounts for HUMBL. As reported on November 11, 2020, HUMBL, LLC is merging with Tesoro Enterprises. The merger process is well underway and expected to be completed in the coming days. The surviving Delaware corporation will be known as HUMBL, Inc.
The mission of HUMBL® and HUMBL Hubs™ is to deliver high quality, low cost digital payments and financial services. The HUMBL network was designed to support vertical markets such as government, banking, wireless and merchants in locations like Latin America, Caribbean, Asia and Africa who are seeking to migrate to digital payment and financial technologies, to help reduce costs and improve settlement speeds for customers.
The HUMBL® Mobile App will deliver borderless transactions, by integrating multiple currencies, payment methods, banks, blockchain and financial services providers into one-click for the customer. HUMBL® provides greater access and portability than US only mobile wallet providers, such as Venmo® and Zelle®.
For those customers without a smartphone, HUMBL Hubs™ will allow participating merchants to deliver contactless payments, text ordering and money services across the full pyramid of end-users in these markets. “We didn’t build HUMBL for the 350 million digital customers using PayPal®, but for the 7 billion people for whom money has a totally different set of global pathways, technology access points and cost structures,” according to the CEO of HUMBL, Brian Foote. The HUMBL corporate website features global brand videos, product tours, market research, white papers and network architecture at www.HUMBLpay.com.
Safe Harbor Statement This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.