Should be good news...SP could go up.....finally... TORONTO, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to announce that it has signed a binding letter of intent (the “LOI”) with Raseed (“Raseed”), a Libyan company, to form a joint venture (“JV”) between the two companies related to financial payment services.
Raseed is a service provider specialized in software solutions to banks, telecom companies and utility service providers in Libya that has a vision to help modernize the country’s financial services and telecom sectors by bringing such up to international standards.
The JV will allow Fintech Select to provide Raseed with a full suite of financial payment services in the Libyan marketplace. This includes prepaid card, e-wallet services along with bill, mobile, online and international payments. The JV will focus on providing the government, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities.
The parties have agreed to use their reasonable best efforts to settle a definitive agreement within thirty (30) days and may extend this period by mutual consent.
“We believe that there is tremendous opportunity in the Libyan market including unprecedented growth prospects for Fintech Select through its partnership with Raseed. We believe that this joint venture will open new avenues and business opportunities for both organizations through their combined technologies and efforts” stated Mohammad Abuleil, President and CEO of Fintech Select.
Dr. Omar Shuran, President of Raseed, added “Raseed is very excited to be partnering with Fintech Select to provide innovative financial payment technology solutions to our strategic customers in Libya”.
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