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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, May 3, 2017 /CNW/ - First Global Data ("First
Global" or the "Company") is pleased to announce that a definitive
Joint Venture ("JV") agreement is now in place between the two
companies.
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.
With the ability to access a prepaid card solution and add it to
a mobile wallet/remittance platform, we have created a novel and
innovative FINTECH dynamic. We are now able to offer a full suite
FINTECH solution to our large enterprise clientele.
Additionally, the Company intends to leverage Selectcore's
government services resume to garner additional municipalities and
provincial governments across Canada to offer a cost effective full suite
FINTECH solution that replaces archaic and more costly
administration.
Moreover, the enhanced FINTECH offerings will be rolled out to
capture additional opportunities and will not strictly be limited
to government services.
According to Global Industry Analysts: "The global market for
Prepaid Cards is projected to reach US$3.1
trillion by 2022, driven by the growing need for financial
inclusion of unbanked consumers, provision of innovative card
features and services, increasing volumes of online transactions
and rising demand for cost-effective electronic payment solutions.
This number does not take into consideration mobile payments or
other transactions not linked to a physical card, nor any
business-to-business transactions. According to Business Insider's
mobile payments report from June
2016, the number of mobile payment users is projected to be
150 million by 2020 in the US. The total of in store (USA) mobile payments is expected to be US
$503 billion by 2020.
Mohamed Abuleil, President and
CEO of Selectcore states, "With the First Global partnership we
have opened up many new revenue opportunities that were missed in
the past. We intend to take full advantage of having the use of a
mobile wallet/remittance solution and extending it to all of our
existing customers as well as our current pipeline
opportunities."
Andre Itwaru, Chairman and CEO of
First Global comments, "We are pleased to be able to expand our
FINTECH offerings. The card additive will allow us a deeper
penetration utilizing our existing partnership model. We look
forward to monetizing various opportunities in the pipeline with
Selectcore."
About Selectcore Ltd.
Established in 1999, Selectcore is a leading prepaid financial
service provider and transaction processor for underbanked and
underserved markets. From prepaid mobile top-up to stored-value
cards and remittance solutions, Selectcore services a market of
millions of underbanked consumers through its technology platforms
and extensive retail distribution network. Selectcore was ranked by
Profit100 as one of Canada's
fastest-growing companies in 2006, 2007, 2009 and 2010. Selectcore
was also ranked one of North
America's fastest-growing companies on Deloitte's 2011
Technology Fast 500.
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.
Caution:
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