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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, June 14, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce that it has signed a definitive agreement with LianLian Pay ("LianLian").
The Company's Executives attended the official signing ceremony of the world's first cross border messaging remittance solution in Hangzhou, China with members of the Executive team at LianLian in full attendance.
Much enthusiasm and optimism was expressed and LianLian is launching into a phased marketing approach with accelerations expected after the initial month of launch.
An initial US State will be used as a pilot and a core group of WeChat Remittance users will serve as a vanguard for the initiative.
The remittance paradigm has been aptly named "Happy Transfer". The stated mission is to ensure cross border remittance leadership in pricing, convenience, speed of send and ease of use. 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 to peer companies in the cross border space.
The level of compliance on both companies is onerous, however, the process has been rendered into a seamless and streamlined transaction that satisfies risk management criteria and goes above and beyond regulatory best practices.
LianLian and First Global are contemplating expanding the social messaging remittance solution beyond the North American segment in order to capture a wider geographic distribution base of WeChat users.
Ken Zheng, COO of LianLian Pay states, "We spent three intensive, strenuous and sleepless months to get this project launched from just an inspired idea to a whole set of indigenous systems, comprehensive AML and risk control mechanism and seamless user experience. We are undoubtedly confident in the potential and future size of the remittance market, but it is both teams' commitment and dedication that gives me the ultimate faith in the prosperity of this business".
"LianLian Pay has proven themselves to be innovators in the payments and cross border remittance space. The vision of both companies is similar as we both focus to become leaders in the mobile and cross border payments sector. The social messaging remittance solution that has emanated from mutual collaboration demonstrates the value of the combined synergies", commented Andre 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