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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, May 17, 2017 /CNW/ - First Global Data ("First
Global" or the "Company") is pleased to provide an update on its
Social Messaging Payments and Remittance initiative with LianLian
Pay on the WeChat social messaging platform pursuant to press
releases dated April 19 and
April 27, 2017.
The initial phase enables users in the USA on the WeChat platform to send money to
friends and family in China. The
Company believes that this is the world's first social messaging
multi integrated remittance platform whereby SOCIAL converges on
FINTECH in the flow of cross border money.
First Global is pleased to announce that the first phase of beta
end to end testing has been completed and was very successful.
"This is a new service which we believe has never been delivered
anywhere in the world in the past. The solution has multiple
interconnections and integrations combining to create an end to end
seamless transaction in the flow of cross border money remittance
and serves to showcase First Global's cutting edge technology. We
are very pleased with the progress made during this initial beta
testing phase and look forward to launching service in the near
future," said Andre Itwaru, First
Global's Chairman and CEO.
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 WeChat (Wikipedia):
Wēixìn; literally: "micro message") is a social media
(instant messaging, commerce and payment services) application
developed by Tencent. It was first
released in 2011 and by 2016 it was one of the largest standalone
messaging apps by monthly active users,[9][10] with over 889
million active users spending 66 minutes a day on the app on
average.[11] However, as of 2017, WeChat has not been successful in
penetrating international markets outside of China.[12]
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