TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Feb. 1, 2017 /CNW/ - First Global Data Limited ("First Global" or the "Company") is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") to deploy its mobile payment services in Bangladesh with strategic partner Aamra Payment Solutions, a division of Aamra Group ("Aamra").
Aamra has significant penetration in the Bangladesh market having deployed 14,000+ active Point of Sale (POS) terminals, and currently holds a market share of 75%. Aamra solutions are preferred by 14 out of 17 of the leading banks and financial institutions in Bangladesh.
The Bangladesh initiative with Aamra includes a full roll-out of the mobile wallet in Bangladesh with an ecosystem and marketplace for consumers to purchase various goods and services using their mobile phones. The model will be similar to that deployed by the Company in India. Aamra and the Company will work together to bring on strategic partners such as banks and telecom companies, and to penetrate the existing Aamra customer base.
"Aamra is a powerhouse and leader in the technology sector in Bangladesh. Their already established point of sale distribution network and banking relationships will enable us to penetrate the Bangladesh market rapidly and to drive good profitable revenues," said Nayeem Alli, Chief Financial Officer of First Global.
"We are very pleased to have Aamra as our strategic partner for the deployment of our mobile payment solutions in Bangladesh. Our deployment model has been proven in India as we continue to experience significant growth in that market, and we expect to realize rapid penetration in Bangladesh through this key strategic partnership. This is another major step in our global expansion strategy," said Andre Itwaru, Chairman and CEO of First Global.
About First Global:
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 and peer to peer payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE First Global Data Limited
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For further information: Andre Itwaru, Chairman and Chief Executive Officer, Telephone: 416.504.3813, Facsimile: 416.504.7092, Email: [email protected]