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TSX Venture Exchange: FGD
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TORONTO, Oct. 31, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to advise that it has entered into a Memorandum of Understanding with Mobi724 Global Solutions Inc. ("Mobi724", CSE: MOS, OTCQB: MOBIF) for the deployment of First Global's alternative payment service in the Philippines and other targeted countries in Latin America.
Mobi724 is an established company which currently offers payment solutions, Card-Linked Offers & Rewards ("CLOR") solutions and digital marketing and is licensed to provide such services in the Philippines, the Caribbean, Colombia, and Argentina. In Latin America, Mobi724 is connected to multiple acquires and issuers to provide CLOR solutions whereas in the Caribbean, Mobi724 provides mobile point of sale and payment gateway solutions to a large acquirer in the region. Mobi724 is further expanding its reach in LATAM and the Caribbean as it recently signed a commercial agreement with the world's largest credit card association to provide CLOR solutions to the latter's merchants, acquirers and issuers. Finally, in the Philippines, Mobi724 is connected the local debit network across the country via its connectivity to BancNet and other payment gateway operators.
The anticipated parameters of the going forward relationship for the deployment of the alternative payment service are as follows:
- Mobi724 will leverage its base of customers to offer various services through Point of Sales connected to Mobi724's payment gateway and First Global's mobile wallet platform.
- First Global will integrate its technology platform with Mobi724's payment gateway to provide a unique compliant cross-border system with mobile wallet deployment in the target countries, which will result in new payment capabilities for Mobi724's acquirers and their respective merchants.
- Mobi724 will provide cash access flexibility via a mobile wallet which will include cash load and bills payment domestically in the target countries.
- First Global will customize an on-boarding experience for Mobi724's customers.
- Revenues are expected to be shared between the Company and Mobi724 on a 50/50 per transaction basis.
- Final deal terms and conditions will be outlined in the definitive agreement prior to the companies launching the service.
The companies are working together towards the conclusion of a definitive agreement and expect completion of the first phase before the end of Q4, 2017.
"Mobi724 has significant penetration in the Philippines and Latin America including key strategic relationships with banks. The objective is for First Global and Mobi724 to provide alternative payment solutions for these target banks and to facilitate cross-border remittances and payments inbound and domestically within these countries. The Philippines and Latin America are existing and active corridors for First Global, and we view this relationship with Mobi724 as an accelerator to drive incremental transactional growth, while at the same time being a major contributor to our global strategy", says Andre Itwaru, Chairman and CEO of First Global Data Limited.
"As we continue to gain momentum in the Philippines and LATAM, we believe that the addition of these value-added alternative payment solutions to our pipeline will increase revenues and complete our offering. Partnering with global innovators, such as First Global Data, is part of our growth strategy and has served us well in the past", says Marcel Vienneau, CEO of Mobi724.
About Mobi724 Global Solutions Inc. (www.mobi724.com)
MOBI724, a leader in the fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of payment & digital marketing solutions with a combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any Mobile device. MOBI724's solutions add value to all types of transactions benefiting banks, retailers and cardholders by leveraging available user and purchasing data to increase transaction volumes and spend. MOBI724 provides a turnkey solution to its clients to capture card transactions on any Mobile device, at any point of sale or from any payment card. MOBI724 provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable card associations, retailers, manufacturers, offer providers, Mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to any Mobile device and allow its redemption at any point of sales.
About First Global Data Ltd. (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, including the completion of the Transaction and the anticipated terms thereof, 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: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: [email protected]; Renmark Financial Communications Inc.: Steve Hosein: [email protected], Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com