NewsFirst Global and Selectcore Ltd. Sign Definitive Joint Venture Agreement V.FGD | 11 minutes ago Canada NewsWire TORONTO, May 3, 2017 /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ TSX Venture Exchange: FGD Frankfurt Stock Exchange: 1G5 TORONTO, May 3, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce that a definitive Joint Venture ("JV") agreement is now in place between the two companies. image: https://mma.prnewswire.com/media/507585/First_Global_Data_Limited_First_Global_and_Selectcore_Ltd__Sign.jpg First Global Data Limited (CNW Group/First Global Data Limited) 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. With the ability to access a prepaid card solution and add it to a mobile wallet/remittance platform, we have created a novel and innovative FINTECH dynamic. We are now able to offer a full suite FINTECH solution to our large enterprise clientele. Additionally, the Company intends to leverage Selectcore's government services resume to garner additional municipalities and provincial governments across Canada to offer a cost effective full suite FINTECH solution that replaces archaic and more costly administration. Moreover, the enhanced FINTECH offerings will be rolled out to capture additional opportunities and will not strictly be limited to government services. According to Global Industry Analysts: "The global market for Prepaid Cards is projected to reach US$3.1 trillion by 2022, driven by the growing need for financial inclusion of unbanked consumers, provision of innovative card features and services, increasing volumes of online transactions and rising demand for cost-effective electronic payment solutions. This number does not take into consideration mobile payments or other transactions not linked to a physical card, nor any business-to-business transactions. According to Business Insider's mobile payments report from June 2016, the number of mobile payment users is projected to be 150 million by 2020 in the US. The total of in store (USA) mobile payments is expected to be US $503 billion by 2020. Mohamed Abuleil, President and CEO of Selectcore states, "With the First Global partnership we have opened up many new revenue opportunities that were missed in the past. We intend to take full advantage of having the use of a mobile wallet/remittance solution and extending it to all of our existing customers as well as our current pipeline opportunities." Andre Itwaru, Chairman and CEO of First Global comments, "We are pleased to be able to expand our FINTECH offerings. The card additive will allow us a deeper penetration utilizing our existing partnership model. We look forward to monetizing various opportunities in the pipeline with Selectcore." Read more at https://www.stockhouse.com/news/press-releases/2017/05/03/first-global-and-selectcore-ltd-sign-definitive-joint-venture-agreement#GGLFWkgXrbKZLuYu.99