LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) and its subsidiary uBUCK Technologies announced some exciting news this week that will offer the digital wallet and payment platform a major edge on its competition.
uBUCK announced that it has signed an alliance agreement to form a strategic commercial relationship with Deltec Bank & Trust, a diversified independent financial institution that is based in The Bahamas.
Deltec, which provides a range of private banking expertise, corporate and merchant banking capabilities, digital asset financial services, fund administration, investment management, and insurance solutions to its global clients, will offer uBUCK with a large network of financial service providers located around the world.
“We are very excited to enter into a strategic partnership with Deltec, a highly regarded financial institution with a range of private banking and fiduciary expertise,” said uBUCK CEO James Youn. “This partnership opens up uBUCK to a large network of financial services providers across the globe.”
According to the terms of the agreement, Deltec will provide prepaid debit cards to its existing bank and wealth management clients, integrate and market the uBUCK prepaid card into the Deltec digital wallet and to its regional private bank networks in Asia, Europe, the Caribbean, and South America, and create dedicated white label card programs to their existing digital asset exchange clients.
The Rise of the Prepaid Debit Card Market
Digital wallets and prepaid cards are quickly becoming the norm and totally disrupting traditional banking. In particular, prepaid cards have continued to gain a lot of traction in the US.
In fact, the US prepaid card market could reach a massive $877 billion USD by 2020, fueled by the increasing need for security and convenience,