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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, April 24, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce that it has signed an Agreement with Avenues Payments India for Global Remittances & Payments.
Avenues owns and operates www.remitguru.com and other web portals which provide comprehensive Internet & Mobile based digital platforms to individuals and businesses for the remittance of funds cross border to beneficiaries, both individuals and businesses, in India and other countries.
First Global will provide license coverage in various countries including Canada and USA for the origination of transactions and its mobile wallet and distribution services. Features of the mobile platform will include but not be limited to multi-currency capability, e-Commerce, m-Commerce, Bill pay, Telco top up and Coupons.
Both parties are working towards platform integration, bank tie-ups and other relevant formalities required for starting to process transactions at the earliest.
Last year India received approximately $72 billion USD and is the largest remittance recipient in the world.
Andre Itwaru, Chairman and CEO, First Global comments, "this is an incredible opportunity to exploit the Indian remittance segment. It is important to note that an enterprise can quickly double their user base because you have both a sender and a recipient in the remittance equation. Given the growing number of partnerships, we continue to accelerate our North American mobile launching efforts. These initiatives will serve to increase our user base, number of transactions and revenues".
Naushad Contractor, CEO, Avenues Payments adds, "the deal with First Global enables us to expand our remittance reach and exponentially increase our top line. The Indian remittance market continues to dominate globally and we are looking to maximize our marketshare."
About RemitGuru: (www.remitguru.com)
RemitGuru understands that the ties that bind NRI's to their roots go deep and we truly appreciate the sentiment behind the act of remittance of money and gifts to the loved ones back home. Remitguru.com is a personalized online remittance service specially created to meet the unique needs of the Indian diaspora living overseas. RemitGuru redefines the way the NRI stays connected with his family by introducing new ideas and methods into the money transfer process. RemitGuru is backed by Avenues, south Asia's biggest eCommerce company that provides payment gateway services to thousands of eMerchants across the world and processes millions of transactions every month. RemitGuru is partnered by Axis Bank, one of the most trusted premier commercial banks in India. The wealth of experience of both the promoters has helped RemitGuru become a cutting edge remittance solution which is not only trustworthy, but also efficient, convenient, cost effective and user-friendly.
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: Sonia Tomaz, Investor Relations, t: (416) 504-3813, e: [email protected]