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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, May 3, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce that a definitive Joint Venture ("JV") agreement is now in place between the two companies.
First Global is an international financial services technology (FINTECH) company. The Company's two main lines of business are mobile payments and cross-border payments.
With the ability to access a prepaid card solution and add it to a mobile wallet/remittance platform, we have created a novel and innovative FINTECH dynamic. We are now able to offer a full suite FINTECH solution to our large enterprise clientele.
Additionally, the Company intends to leverage Selectcore's government services resume to garner additional municipalities and provincial governments across Canada to offer a cost effective full suite FINTECH solution that replaces archaic and more costly administration.
Moreover, the enhanced FINTECH offerings will be rolled out to capture additional opportunities and will not strictly be limited to government services.
According to Global Industry Analysts: "The global market for Prepaid Cards is projected to reach US$3.1 trillion by 2022, driven by the growing need for financial inclusion of unbanked consumers, provision of innovative card features and services, increasing volumes of online transactions and rising demand for cost-effective electronic payment solutions. This number does not take into consideration mobile payments or other transactions not linked to a physical card, nor any business-to-business transactions. According to Business Insider's mobile payments report from June 2016, the number of mobile payment users is projected to be 150 million by 2020 in the US. The total of in store (USA) mobile payments is expected to be US $503 billion by 2020.
Mohamed Abuleil, President and CEO of Selectcore states, "With the First Global partnership we have opened up many new revenue opportunities that were missed in the past. We intend to take full advantage of having the use of a mobile wallet/remittance solution and extending it to all of our existing customers as well as our current pipeline opportunities."
Andre Itwaru, Chairman and CEO of First Global comments, "We are pleased to be able to expand our FINTECH offerings. The card additive will allow us a deeper penetration utilizing our existing partnership model. We look forward to monetizing various opportunities in the pipeline with Selectcore."
About Selectcore Ltd.
Established in 1999, Selectcore is a leading prepaid financial service provider and transaction processor for underbanked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, Selectcore services a market of millions of underbanked consumers through its technology platforms and extensive retail distribution network. Selectcore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010. Selectcore was also ranked one of North America's fastest-growing companies on Deloitte's 2011 Technology Fast 500.
About First Global: (www.firstglobaldata.com)
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are mobile payments and cross border payments. First Global's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer ("P2P"), Business to Consumer ("B2C"), and Business to Business ("B2B") payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
Neither TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE First Global Data Limited
For further information: Andre Itwaru, Chairman and Chief Executive Officer, t: (416) 504-3813, e: firstname.lastname@example.org