TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Sept. 14, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is very pleased to announce that pursuant to its June 6, 2017 press release, the Company has launched the ImpalaPay mobile wallet under the brand "Comet", and the Company has also secured three additional US State money transmitter licenses.
The Company had previously announced its strategic partnership with ImpalaPay. As a reminder, ImpalaPay is a Kenyan based payments company which has significant partnerships and reach across the African continent. ImpalaPay and First Global have partnered to white label the First Global mobile wallet and cross border compliance platforms for the deployment of a FINTECH ecosystem and marketplace with domestic and cross border payment and remittance services in 19 countries across the African continent. ImpalaPay has access to 7 national payment switches, and is in partnership with Airtel Africa for access to 76 million subscribers. ImpalaPay is also engaged in a universal agreement with UBA Bank which provides licensing in 19 countries and to approximately 17 million account holders.
The Comet mobile wallet has been launched in Kenya in a controlled beta format which is part of the standard product launch process. The beta version is available in Google Play and can be found when searching for "Comet-Mobile Wallet" provided by MSEWA. MSEWA is the Company's India subsidiary. Access to Comet is limited to persons with a Kenyan mobile phone number, which is standard for the Company's in-country mobile wallet deployments. Over the next few weeks, First Global will work with ImpalaPay to fine tune the user experience and services toward a full launch. This will be followed by a two phased marketing program designed to first penetrate the existing available client base through downloads, then to increase the number of transactions per user.
First Global is also pleased to advise that its wholly owned US subsidiary, First Global Money Inc., has been granted three new money transmitter licenses in the USA in the States of Indiana, Wyoming and Alabama. The Company now has money transmitter licenses and is able to conduct money service business in 29 US States.
"We are very fortunate to have secured a number of quality partnerships as is evidenced by our earlier press releases. As we continue to increase our business partnerships, we have also focused on methodically increasing our staffing to deploy these opportunities. That process is working well and we look forward to sharing additional progress with our shareholders. We are also very pleased to have obtained three new US State money transmitter licenses for a total of 29 as we focus to increase our licensing footprint in the USA and elsewhere. Our US licenses enable us to build world class compliant technology and services, and also enable us to expand our services across the USA and beyond. This is a cornerstone for First Global. We are generally pleased with our progress to date as we have shifted into deployment mode. Beyond deployment our focus is on monetization", said Andre Itwaru, Chairman and CEO of First Global Data Limited.
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.
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