Crunchfish have today extended the Memorandum of Understanding with Socio for a potential financing of Crunchfish. Socio still intend to make an initial direct equity investment into Crunchfish for three million shares on market-based terms and conditions.

Crunchfish signed an MOU with Socio ApS to become part of a mobile telecom partnership for Africa in November 2022. The MOU included an intention from Socio ApS to make an initial direct equity investment into Crunchfish for three million shares on market-based terms and conditions by February 2023. Due to delays for Socio to get access to their financing, the investment into Crunchfish has not been completed.

The MOU signed in November 2023 expires March 31^st for such investment and Crunchfish and Socio have today extended the MOU on the same terms to May 21^st. This is the day before Crunchfish’s annual meeting when the mandate to the board in Crunchfish to direct shares to an external party from last year’s annual meeting expiries.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

The information was provided by the contact person above for publication on 31 March 2023 at 10:15 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish participate today at Digital Euro Conference in Frankfurt as an exhibitor and as a panelist in the session on CBDC Technological choices where Crunchfish CEO Joachim Samuelsson will explain why Crunchfish Digital Cash is so suitable for CBDCs. Attendance online is free of charge.

Crunchfish participate today at Digital Euro Conference in Frankfurt as an exhibitor and as a panelist in the session CBDC Technological choices at 11.20 am CET / 14.50 IST. Crunchfish CEO Joachim Samuelsson will highlight the importance of Crunchfish Digital Cash for CBDCs to have survivability in the face of temporary failures on links and nodes. The panel has representation from the Central Bank of Hungary, IBM and Ripple and will be moderated by Tamara Schmidt, Executive Director of the Digital Euro Association. Registration online is free.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

The information was provided by the contact person above for publication on 31 March 2023 at 08:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish Digital Cash AB (“Crunchfish”) have received an International Preliminary Report on Patentability (IPRP) in Chapter II of the Patent Cooperation Treaty (PCT) for a key Digital Cash patent application PCT/SE2022/050090 with a focus on transfer of Digital Cash between a mobile communication device and a smart card, indicating that all claims 1 – 20 are deemed patentable. This patent extends Crunchfish extensive patent portfolio to also support payment cards.

This is especially important in CBDC implementations as cards as a bearer instrument is important to ensure financial inclusion. The innovation Crunchfish brings is that cards can be topped-up and used much easier. By simply tapping a card on a mobile the user may top-up the balance on the card or alternatively pay to an offline wallet on the mobile. This patent also support privacy as the main claim is focused on just debiting and crediting a balance on the card and the mobile.

Crunchfish showcased this functionality as a finalist in RBI’s first global HaRBInger Hackathon last year. The product Digital Cash non-mobiles was discussed in a webinar last year and here is a demo video showing the patented use case. 

The patent has priority from a provisional patent application filed in January 2021. The next step is to enter the phase of national phase before July 2023 when Crunchfish must decide which markets to protect this important intellectual property. A patent if granted is valid until January 2041, 20 years from the original filing date.

”Extremely happy that this innovation was also deemed patentable. For financial and digital inclusion, the use of cards and wearables is required and important in any CBDC implementation. This protects in offline mode to top up a card from a mobile as well as paying Digital Cash on the card to a mobile or mPOS. Crunchfish patent portfolio is increasing and allows us to roll-out Digital Cash from a protected position.”, says Joachim Samuelsson, CEO Crunchfish AB.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 30 March 2023 at 08:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish has yesterday submitted a Swedish patent for a method to establish and use an anonymous and robust Trusted Applications. The innovation applies to digital applications in general and specifically to payments and Central Bank Digital Currency (CBDC) implementations where privacy is a key feature. If the patent is granted the patent protection is valid for 20 years from the date of filing.

As cash is increasingly displaced, there is an ever-growing need for digital payment alternatives that preserve the properties of cash. Offline payments in CBDC implementations are now viewed as a key functionality, not just from a system resilience perspective but also for the ability to allow payers to continue to be private. The innovation makes Digital Cash more similar to cash by allowing the user to set up a completely anonymous wallet that is recognized as legit to use the payment service.

Crunchfish has applied for a Swedish patent with application number 2350365-9 for setting up and using an anonymous trusted application, executable in a secure execution environment on a host device. It is applicable in any type of digital service to request a service remotely or communicate locally, including CBDC implementations to ensure privacy. In case of payment applications this allows setting up a Digital Cash Trusted Application for offline as well as online transactions without any Know Your Customer (KYC) requirements.

“Privacy is important for many digital applications, not the least within payments. Leveraging Crunchfish’s patent-pending Trusted Application Protocol (TAP) that makes applications trusted, secure and robust this innovation allows users to onboard and use a digital service anonymously, which is a key feature for CBDC implementations to ensure privacy”, says Joachim Samuelsson, CEO of Crunchfish.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 30 March 2023 at 00:01 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish have today released Digital Cash 2.1 enabling trusted payments anywhere, anytime, and to anyone using telecom connectivity. This much awaited release broadens the scope of Crunchfish Digital Cash significantly making it possible to pay offline to anyone that is onboarded on a domestic payment scheme.

 Digital Cash 2.1 offers new functionality, settings and minor bug fixes and is based on the Digital Cash 2.0 release that implements Crunchfish’s patent-pending Trusted Application Protocol (TAP). Major focus for this release has been to design and implement Crunchfish’s patent-pending product Digital Cash telecom. This lays the foundation of robust digital payments as it allows for payments anywhere, anytime, and to anyone using telecom connectivity.

Digital Cash telecom allows the payer to connect remotely using Crunchfish patent-pending Trusted Application Protocol (TAP) and send a trusted payment message to the payment service provider’s host server via the alternate and much more widely available telecom route.

The main benefit is that payers do not have to care whether they are online or not. Digital Cash telecom provides a seamless user experience where it is possible to pay to anyone that is onboarded on a domestic payment scheme, e.g. UPI in India. Attached is a demonstration video showing the payer scanning a static QR-code, authorizing the payment, which is then sent to the host server over telecom. The payee using in this case a feature phone is notified of the payment by the payment rail in the standard way.

“We continue our journey of providing user centric and robust payments. This new version enables a much-requested feature in Digital Cash telecom, which we are now proud to release to our customers.”, says Rutger Petersson, R&D Director at Crunchfish Digital Cash.

Digital Cash telecom is easy to implement for an issuer, whether a central bank, retail bank or payment service provider, as there are no changes required for the payment rail or the payee. Digital Cash telecom compliments Digital Cash online for remote payments as well as Digital Cash offline for payments in proximity. The Crunchfish Digital Cash 2.1 SDK is available for customer download through the Crunchfish developer portal.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 29 March 2023 at 08:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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IDFC FIRST Bank is set to be a part of RBI’s pilot project to enable offline payments. This project will give access to digital payments even when there is no network. This unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI’s Regulatory Sandbox Program.

This project will provide support for offline retail payments based on a Digital Cash platform to the payment ecosystem of India. IDFC FIRST Bank will be one of the first few banks to be a part of this pilot project by HDFC Bank. The application was approved by RBI to demonstrate offline payments between two banks. The Development and Demonstration Agreement which is a non-commercial agreement has now been signed to give IDFC First Bank access to the Digital Cash SDK. Commercial terms for deployment will be regulated in a Software License Agreement.

IDFC FIRST Bank believes in providing customer first products and being a part of this pilot only resonates with the Bank’s ethos. This solution will open up more customer base and regions for adoption of cashless digital payments. 

Madhivanan Balakrishnan, COO, IDFC FIRST Bank said “This application will help make transactions easier for customers. Being a part of this pilot project and enabling an unique offering for customers is something that is aligned with the Bank’s philosophy”.

“Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability. Interoperability between banks will be key for the adoption and success of the offline retail payments solution we develop together with the two banks and will showcase to RBI.", says Joachim Samuelsson, Crunchfish’s CEO.

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

About IDFC First Bank – IDFC First Bank

IDFC First Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. The bank believes in making customer-first products and was the first universal bank to offer monthly interest credit on savings accounts, first bank to issue life-time free credit cards with no minimum spend conditions, first bank to offer dynamic and low APR rates, evergreen rewards points, and many other such interesting products.

The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way by providing them high-quality banking services.

IDFC FIRST Bank, has a balance sheet of Rs. 2,21,374 crores and serves customers across the length and breadth of the country.

The Bank has expanded to 707 branches, 253 asset service centers, 867 ATMs and 578 rural business correspondent centers across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers high quality technology-enabled corporate banking solutions, contemporary cash management solutions, fleet card and FASTag solutions and wealth management solutions.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 24 March 2023 at 12:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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