Fintech Select Provides Corporate Update

Date : 10/03/2019 @ 11:00AM
Source : GlobeNewswire Inc.
Stock : Fintech Select Ltd (FTEC)
Quote : 0.035  0.0 (0.00%) @ 4:12PM

Fintech Select Provides Corporate Update

Fintech Select (TSXV:FTEC)
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Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to update its shareholders on the progress of its inaugural project with Raseed, the Company’s JV partner in Libya (“Raseed”). As mentioned earlier in the company’s press release dated July 9th, 2019, the project is to provide a Prepaid closed-loop card solution (“Solution”) to a regional Libyan bank (“Bank”), one of Raseed’s customers, to serve around 20,000 clients at almost 100 POS locations. The closed-loop cards and a set of POS terminals have already been shipped to Raseed. In turn, the Company’s team, alongside that of Raseed, have been working on testing the solution and expect to go live once all the testing comments are addressed.

In regards to the acquired online and mobile payment platform (“Platform”), the approach that the Company has taken to on-board same is to upload its code on to the Company’s systems while creating all related parameters and databases necessary to generate an executable version. This way, the Company’s in-house IT staff can methodically ensure that all required components are installed such that a high capability ecosystem may also be built in support. At the moment, the Company’s IT staff continues to work through some technical glitches with the on-boarding, but anticipates having such rectified for a full launch of the Platform in the short to intermediate future. In any event, the Company intends to provide a further update on details and availability pertaining to the Platform in due course.

A key strategy for the Company is to have the Platform’s brand name associated with the Company’s online and mobile payment application footprint so as to generate recurring revenue.

The Company is also pleased to mention that revenue from its customer service centre has been increasing over the last two years. It increased by more than 68% in 2018 (compared to 2017), and is expected to increase more than 27% in 2019 (compared to 2018).


Mohammad Abuleil, President & CEO orShelley Alliet @ - Investor@fintechselect.com519-3518647

About Fintech Select Ltd.

Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and mobile banking solutions. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Fintech select also operates an international call centre that provides fulfillment and customer service support to customers across all the company’s platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information:This news release contains “forward-looking information” within the meaning of applicable securities laws. 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. Fintech undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of its securities, financial or operating results (as applicable) or prospects as to the effective implementation of the Solution with Raseed. Fintech 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.

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