TSX Venture Exchange: FGD Frankfurt Stock Exchange:
1G5
TORONTO, Jan. 16, 2018 /CNW/ - First Global Data ("First
Global" or the "Company") is very pleased to announce that it has
entered into a Definitive Agreement with China Smartpay to deliver
cross border payment solutions for Chinese vacation travelers and
students studying overseas. On September 26,
2017 the Company announced that it had entered into a
binding MOU with China Smartpay.
First Global's implementation team has also recently returned
from Shanghai and is working
closely with China Smart Pay to
implement the solution.
The service will allow WeChat users in China to travel to the United States, shop at a US retail
location, and purchase goods using the funds on their WeChat mobile
wallet. There are close to 1 billion users on the WeChat mobile
platform globally and as noted in the September 26, 2017 press release, in 2015
"Chinese shoppers bought almost half of the world's luxury
goods"…"The outbound Chinese tourist numbers reached 120 million in
2015"…and "Chinese consumers spent 1.2
trillion yuan ($183 billion)".
According to Fung Global Retail and Tech
(https://www.fungglobalretailtech.com/research/global-chinese-shoppers-carry-spending-momentum-2016/).
By 2020, they estimate that "186 million Chinese tourists will
travel overseas"…and that "their total overseas spending will
reach US$349 billion per year."
First Global, through its money transmitter licenses will ensure
that each transaction complies with US regulatory guidelines. In
addition, First Global will be responsible for retrieving the
consumer funds from their mobile wallets and settling all
transactions with the US based merchants. Merchants will pay First
Global a percentage of the gross dollar value of the goods
purchased, which is the existing model used for purchases made with
credit cards today. First Global will share revenues with China
Smartpay.
"The US is one of the most frequented countries for Chinese
vacationers. The benefit for US retailers can be significant as
this provides them with access to a relatively new and very large
base of shoppers. In addition, retailers will benefit from
accepting payments from the leading edge mobile payment service
implemented by First Global. Deploying services in the USA is intended to be phase 1 and we will keep
our shareholders updated as the project evolves. From my
perspective, this initiative fits our Company like a glove. It
leverages our cross-border capability, access to very large
consumer base, our licenses, and is within our mobile centric
payments and transactional revenue focus", said Andre Itwaru, Chairman and CEO of First Global
Data Limited.
About China Smartpay (www.chinasmartpay.com/en)
China Smartpay is China's leading payment solutions company. The
China Smartpay Group Holdings (8325.HK) is a Hong Kong-listed company which is engaged in
smart payment and internet finance. The company owns the nationwide
prepaid card license and internet payment license, and possesses
leading smart POS technology and systems. By cooperating with
capable and well-known strategic partners, China Smartpay is able
to take a leading position in the payment industry. China
Smartpay's payment business will be based on prepaid cards, and
expand into internet payment, mobile payment, and P2P, etc. in
order to serve customers of various types, and establish a vast
real-name account network. In the long term, such account networks
will become the platform for integrated and personalized financial
services.
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.
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