First Global Data Ltd FGBDF

Import information

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oney Service Business (MSB) Licenses in the United States of America (US): First Global currently holds 34 MSB Licenses and authorities to do business in the USA and applications are being pursued for the establishment of licenses in the balance of the 50 States. This asset had become invaluable to many companies that are looking to enter the North American Market to launch Fintech Services that is integrated across the continent. This is what First Global gives them and there has been some significant interest coming from Asian companies on a few fronts including Cross Border Payments, Money Transfer, Digital Payments and Cross Border Prepaid Cards. There are very few companies that have comprehensive US coverage for MSB Licenses. The primary reason being the rigorous background checks that are required for holders of these MSB Licenses including, FBI and Interpol background checks, fingerprinting, private detective checks, credit ratings and these all have to be repeated on a state by state basis. In addition, it is a time sensitive and a very costly exercise. This all results in licenses that are highly valued and in high demand to allow companies to be successful in delivering financial and/or Fintech services in the US. The Company intends to focus on increasing transaction volumes and transactional revenues in 2017 and following years. First Global intends to achieve this objective by: a) Reviving services in the State of California and Texas b) Obtaining the balance of US State licenses c) Implementing stricter standards on Agencies including increased credit limits, electronic banking and the use of armored car for more frequent collections of funds, which has proven to significantly lower risk d) Adding back transaction volumes to the approved African corridors e) Opening other markets from the USA and Canada to the Philippines and Asia f) Originating transactions from the other underserved US states in which the Company is licensed g) Expanding online and mobile money transfer services in Canada and the USA h) Increasing transaction volumes from its PayQwik service globally i) Expanding PayQwik and white label versions of PayQwik to North America, specifically Canada and the USA. j) Hiring and enhancing the sales team.