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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, May 24, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce the establishment of First Global Indonesia, which is based in Jakarta. Indonesia will serve as First Global's hub for FINTECH initiatives in the region.
The Company is also pleased to announce the appointment of Rajeev Verma as CEO of First Global Indonesia. Mr. Verma is currently working closely with the First Global India team to deploy FINTECH initiatives in Indonesia utilizing the PayQwik™ brand.
First Global intends to provide a similar variety of mobile payment opportunities in the Indonesian market including the payment of bills, bricks and mortar merchant payments, bus, airline and rail payments, and others. Targeted sectors include but are not limited to banking, telecommunications, and E-commerce.
It was important and timely to establish an Indonesian footprint as very large Chinese enterprises are looking to gain a foothold in Indonesia and other countries in the region. First Global's partnership model provides FINTECH pathways for larger enterprises to fast track their respective businesses in the Indonesian and regional geographic segment.
According to World Bank, Indonesia ranked 14th among the world's recipients of migrant remittances in 2015, with an estimated $10.5 billion sent from its workers living abroad.
Also, according to Himelda Renuat, a writer for The Jakarta Post, the Financial inclusion index for 2014 shows that only 36% of adults in Indonesia have bank accounts which means approximately 120 million adults are categorized as unbanked.
According to Emarketer, the number of smart phone users will rise to 92 million in 2019. Currently Indonesia has become the third largest smartphone market in the Asia Pacific region.
The opportunity for First Global in Indonesia and in the region is large given the necessity for mobile payment and remittance FINTECH solutions.
Andre Itwaru, Chairman and CEO, comments, "Setting up a FINTECH presence in Indonesia is timely and opportunistic. Indonesia currently suffers from low FINTECH penetration and it is our intent to exploit this opportunity with our cutting edge technology. Because of a very large population base, Indonesia provides scale and scope for FINTECH pursuits and provides us with a solid base for regional deployments."
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