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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, June 20, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to confirm that the world's first and only bona fide social messaging remittance solution has been launched.
The first phase of the service enables North American WeChat users to send money directly to a recipient in China. Funds are disbursed directly to the recipient's bank card/bank account at any bank in China.
The inaugural launch is taking place in the State of Illinois first where 5% of the total population is of the Asian demographic.
According to Wikipedia, "Illinois is a state in the Midwestern region of the United States, achieving statehood in 1818. It is the 6th-most populous state and 25th-largest state in terms of land area, and is noted as a microcosm of the entire country."
The social remittance solution aptly named "Happy Transfer" is all about the user experience as it relates to convenience, speed of send, ease of use, and pricing . All of the foregoing is intended to create happy users.
One of the notable features of the remittance solution is the comparison pricing engine that shows in a transparent fashion the cost savings as compared with peer companies in the cross-border space.
Following the launch in Illinois, other States are expected to be rolled out within 10 days, with a phased approach to encompass all 50 States. LianLian will be strategically marketing to Chinese communities within the WeChat platform as well as localized in-State marketing and employing targeted social media techniques. The companies are working toward a full USA rollout within a 120 day timeframe.
LianLian and First Global are contemplating expanding the social messaging remittance solution beyond the North American market in order to capture a wider geographic distribution base of WeChat users.
First Global is also pleased to announce that user growth continues to accelerate in India and the VPayqwik app has over 500,000 downloads.
Other actions are being taken for further deployments in India and we will apprise our investors in due course.
"LianLian is heavily committed to marketing this initiative given the first mover advantage and compelling pricing model. We expect immediate user traction and accelerated ramping as we move through State to State coverage. The global Chinese remittance market is in excess of $60 billion dollars annually and is second only to India. We look forward to amplifying our fundamentals as we execute on the LianLian US deployment and continue to drive user adoption in India. We are also very pleased to have crossed this milestone in India and look forward to deeper and wider penetration of our services in India", commentedAndre Itwaru, Chairman and CEO of First Global.
About Lianlian: (www.lianlianpay.com)
Lianlian Pay is the fourth largest non-banking third-party payment service provider in China, with transaction volume exceeding $50 Billion in 2016. Fast-growing, innovation-oriented and highly-adaptive, Lianlian Pay, as one of the top licensed mobile payment companies in China, has been priding itself in focusing on and excelling at providing all-in-one payment solution in the form of CUP cards mobile payment, cross-border payment and settlement, RMB and foreign currency disbursement, and international remittance services etc. for tens of millions of individual customers and thousands of merchants and partners.
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