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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, May 24, 2017 /CNW/ - First Global Data ("First
Global" or the "Company") is pleased to announce the establishment
of First Global Indonesia, which is based in Jakarta. Indonesia will serve as First
Global's hub for FINTECH initiatives in the region.
The Company is also pleased to announce the appointment of
Rajeev Verma as CEO of First Global
Indonesia. Mr. Verma is currently working closely with the First
Global India team to deploy FINTECH initiatives in Indonesia utilizing the PayQwik™ brand.
First Global intends to provide a similar variety of mobile
payment opportunities in the Indonesian market including the
payment of bills, bricks and mortar merchant payments, bus, airline
and rail payments, and others. Targeted sectors include but are not
limited to banking, telecommunications, and E-commerce.
It was important and timely to establish an Indonesian footprint
as very large Chinese enterprises are looking to gain a foothold in
Indonesia and other countries in
the region. First Global's partnership model provides FINTECH
pathways for larger enterprises to fast track their respective
businesses in the Indonesian and regional geographic segment.
According to World Bank, Indonesia ranked 14th among the world's
recipients of migrant remittances in 2015, with an estimated
$10.5 billion sent from its workers
living abroad.
Also, according to Himelda Renuat, a writer for The Jakarta
Post, the Financial inclusion index for 2014 shows that only 36% of
adults in Indonesia have bank
accounts which means approximately 120 million adults are
categorized as unbanked.
According to Emarketer, the number of smart phone users will
rise to 92 million in 2019. Currently Indonesia has become the third largest
smartphone market in the Asia
Pacific region.
The opportunity for First Global in Indonesia and in the region is large given the
necessity for mobile payment and remittance FINTECH solutions.
Andre Itwaru, Chairman and CEO,
comments, "Setting up a FINTECH presence in Indonesia is timely and opportunistic.
Indonesia currently suffers from
low FINTECH penetration and it is our intent to exploit this
opportunity with our cutting edge technology. Because of a very
large population base, Indonesia
provides scale and scope for FINTECH pursuits and provides us with
a solid base for regional deployments."
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