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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, June 22, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to advise that pursuant to its press release dated February 1, 2017. it has concluded the definitive agreement to deploy mobile payment services across Bangladesh with strategic partner Aamra Payment Solutions, a division of Aamra Group ("Aamra").
First Global will white label its mobile wallet technology and launch services jointly with Aamra in Bangladesh under the Aamra Pay brand. Aamra has access to more than 5 million users in Bangladesh. First Global will also originate remittance transactions to Bangladesh and deliver funds to beneficiaries in Bangladesh via the mobile wallet.
Aamra will integrate the Aamra Pay app into the mobile handsets (WE Mobile) they manufacture and distribute in Bangladesh. Their 14,000+ POS locations will be integrated into the mobile wallet to leverage a new way of payment and will be used for Cash-In and Cash-Out. Aamra currently holds a market share of 75 per cent of the POS market and Aamra solutions are preferred by 14 of the 17 leading banks and financial institutions in Bangladesh.
Some of the services and capabilities of the Aamra Pay mobile wallet, provided by First Global include:
- Registration, Login/out, Forgot Password, Receipts
- Payment Gateway Credential
- Top Up for both prepaid and postpaid
- Fund transfer P2P
- Redeem Coupon
- Mobile PIN
- Cash In at branches
- Cash Out at ATM machines
- Merchant Payment Web & App
- QR Code and QR Pay
- Online Payment Gateway
- Integrated Analytics
According to Wikipedia, "Remittance has become a major contributor to the Bangladeshi economy. As the emigrant workers from Bangladesh gradually increased over the years, the amount of annual remittance to the country significantly rose. According to World Bank, Bangladesh is now one of the largest recipients of remittance with almost $15 billion as of June 2015."
"We are very pleased to have concluded the definitive agreement with Aamra and are shifting to deployment mode. Aamra is an excellent partner and are as motivated as First Global to provide our leading edge mobile payment and cross border payment services to the Bangladesh market", commented Andre Itwaru, Chairman and CEO of First Global.
About Aamra: (www.aamratechnologies.com/)
Aamra is a pioneering technology company that has been dedicated towards providing the banking market with the most advanced and revolutionary hardware, software and connectivity solutions for close to three decades. The synonym of excellence, Aamra is trusted by all the leading local and foreign banks for its exemplary service that is always on the rise owing to its highly talented and empowered human resources. Aamra has throughout the years continued to provide comprehensive IT solutions and services that include Systems Integration, Information System Outsourcing, Core Banking Software, Switching and Network and Solutions, supply, implementation and maintenance. As a major player in the IT sector of Bangladesh, Aamra has developed its business model over the time through carefully analyzing the emerging market trends of the Asia-Pacific region. The company is investing in capacity and technology that will lead to sustainable, long-term growth and profitability based on the value offered to clients. Aamra's core focus is to consistently introduce the latest products while maintaining outstanding customer services as it continues to explore newer horizons to deliver newer and better IT solutions to its most valued premium asset – its customers. As Aamra grows ever so competently, it promises to be the first to empower its customer base with groundbreaking technological services that are specifically designed to improve the efficiency of their business for the first time in the history of its industry in Bangladesh.
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