Global Payout’s Subsidiary, MoneyTrac Technology Inc. Explores Partnerships with Compliance Firms in the Cannabis Banking Sector
SAN DIEGO, CA, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink: GOHE) (“Global” or “the Company”) is pleased to announce that its majority owned subsidiary MoneyTrac Technology, Inc. (“MoneyTrac” or “MTRAC”) is currently in the process of exploring potential strategic partnership opportunities with a variety of entities that are focused on helping banking organizations become compliant with Cannabis regulatory frameworks in states where it is available for medical or recreational purposes.
The marijuana industry grew at a 30 percent annual rate from 2015-2016, with Arcview Market Research predicting a 25 percent compound annual growth rate through 2021. As large as it is diverse, the industry now serves 29 U.S. states and the District of Columbia, where marijuana has become legal for medicinal and/or recreational use. Demand, supply, and product diversity are fueling the growth. The requirements in place that allow financial institutions to work with the cannabis industry are complicated and the consequences of not complying can be severe. Despite this, many institutions want to enjoy the benefits of this massive new market sector, but are lacking in the crucial compliance knowledge and experience.
In an effort to capitalize on a market that is severely underserved with the availability of viable banking options, MTRAC, a full service financial technology organization, is maintaining a sharp focus on securing partnerships with established compliance financial organizations. It is particularly interested in working with companies that possess a proven knowledge of the compliance and regulatory requirements that are necessary to effectively operate within the cannabis industry from a banking perspective.
About Global Payout, Inc. (OTC Pink: GOHE)
Since the Company's inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. In 2014, Global introduced its first online payment platform called the Consolidated Payment Gateway (CPG), which allowed its enterprise clients to transfer money to international bank accounts, mobile accounts, and prepaid card accounts. The development of the CPG became the foundation for the introduction of its new, state of the art FINTECH payment system in 2017, for both online and mobile applications to allow account holders to maximize an expanded suite of financial services and minimize operational costs. Global will continue to offer their FINTECH payment system to many vertical markets for support of foreign currency exchange and digital currency, including ongoing support of the banking industry and international governments.
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