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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Feb. 9, 2017 /CNW/ - First Global Data ("First Global" or the "Company") advises that it has met with a number of select high-profile Chinese companies with a financial technology association.
The Company has had significant interest from some of China's most recognized enterprise brands. However, due to confidentiality reasons cannot announce the MOU's nor the signed NDA's that enable the initiation of open technical dialogue with respect to the company's award-winning Payqwik app and First Global's cross-border payment solutions.
On this initial foray into the world's largest FINTECH arena we have discovered our cross border solutions add relevancy and accretive revenue value to certain Chinese enterprises with user bases in excess of 100 million.
It is our intent to capitalize and fully leverage our compliant and licensed cross border payment solution to exploit the Chinese remittance market which is second only to India on a global scale.
Philip Chen, a member of First Global's advisory board comments, "this has been a whirlwind tour thus far and I am impressed with the level of reception for First Global's FINTECH solutions. We are being asked to further dialogue with face to face meetings beyond the duration of this tour."
Andre Itwaru, First Global's Chairman and CEO adds, "I am fascinated by the sheer scale of cross border money flow within the Asian demographic. World Bank reports China did $64 Billion in remittances in 2015. Our technology was purpose built to accommodate this usage in a compliant and regulated manner. We are excited to crystallize the efforts of this tour with subsequent value driven business dealings. We will keep our investors informed as deals come to fruition."
India retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014. Other large recipients in 2015 were China, with $64 billion, the Philippines ($28 billion), Mexico ($25 billion), and Nigeria ($21 billion).
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, 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: Andre Itwaru, Chief Executive Officer, t: (416) 504-3813, e: [email protected]