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Canada’s Top Fintech Solution Jumps 280% in a Year

Stockhouse Editorial
2 Comments| September 22, 2021

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(Image via Fintech Select Ltd.)

Establishing the most robust infrastructure within the Canadian financial services market.
Click to enlarge
From multimillion (and even multibillion) dollar acquisitions and noteworthy IPOs, 2020 went down in history as an exceptional year for the financial services market. Now 2021 is shaping up to be just as successful a year.

This is a valuable market and Fintech Select Ltd. (TSX-V: FTEC, OTC: SLXFF, Forum), backed by its complete package platform, wants a piece of the action.

Fintech Select is a provider of pre-paid card programs, an online payment platform, and a point-of-sale (POS) cryptocurrency platform all housed under its umbrella of in-house developed platforms. The company also operates a multi-lingual call centre that provides fulfillment and customer service support to customers across all its platforms, and to third-party customers, which will be further elaborated upon in this article.

These core assets have been unified and enabled by the company to operate through separate divisions, all harmoniously working together to create a new environment for consumers and businesses alike, with far-reaching capabilities and potential.

The introduction of complementary technologies and transformative services has stabilized the longevity of its core business and is being integrated with its infrastructure and partners.

Backed by a mission to provide customers with convenience, choice, and cost-effective ways to facilitate financial transactions, this is one operation that will grab the attention of traders. Let’s dig a little deeper into the platform.

TWIFTY – The Online Payment platform:

Specializing in e-commerce processing, corporate disbursements, and remittances, this platform aims to provide convenience and cost-effective online payment processing services around the globe for businesses and people.

The platform allows individuals and businesses to register and create their own e-wallets, request and send money, manage mobile payments, integrate shopping cart functionality, and load and unload different currencies (including cryptocurrencies) through bank transfers, bank wires, or direct debit.

This comes on the heels of the company becoming registered as a Canadian Money Service Business (MSB) with FINTRAC, followed with the filing of TWIFTY’s trademark in Canada . That move allows Fintech to globally extend its financial payment services to customers on its new e-wallet platform to facilitate fiat and virtual currency transactions.

Services for businesses:

TWIFTY provides credit card processing, e-commerce processing, corporate disbursements, fraud and risk management, invoice management, and dispute resolution.

Onboard merchants can directly accept credit card payments from customers purchasing their products and services.

Businesses and merchants can pay employees through its mass pay option, and email invoices to customers who purchase products and services.

Business customers can integrate TWIFTY directly into their shopping cart and checkout systems. This platform streamlines the purchasing process for customers and simplifies receipt payments for merchants.

Services for individuals:

To provide flexible deposit and withdrawal options, TWIFTY also offers localized banking, wire transfers, multi-currency, prepaid cards, and mobile payments. It allows customers to load and unload their electronic wallets through bank transfers, open and closed loop cards, bank wires, or through direct debit. TWIFTY account holders can easily change the currencies of their funds in their wallets.

The company will provide more information on when the platform becomes live. The company is also now testing its white-labelled version of its online payment platform solution.


SELECTCOIN- The POS cryptocurrency platform:

The buying and selling process around cryptocurrencies can be daunting and confusing for many, but Fintech Select has developed a robust platform to simplify the process for the mass of consumers through its POS network or website.

It is based on a real-time transactional fee where the company works as a middleman between the consumers and the exchange. The company does not hold any inventory and because of this, has absolutely no risk in the case where cryptocurrency prices fluctuate. The company is targeting customers who want to transact with cryptocurrencies for small amounts, such as $100 to $1,000. The platform intends to provide customers with choice, convenience, and cost-effective ways to facilitate their financial transactions and seamlessly participate in the crypto and financial technology (fintech) economy.

The platform has three components:

Buying a cryptocurrency:

A customer would be able to buy a cryptocurrency from a retail store through the company’s POS. The purchased cryptocurrency would be deposited instantly into a virtual digital wallet, which is linked to the customer’s registered closed-loop card that has a unique number.

The new customer who would like to buy cryptocurrency at a retail store that has the company’s POS has to buy a closed-loop card from the retail store and have the purchased cryptocurrency to instantly be deposited into their digital wallet. Once the customer’s purchase is complete, this transaction is automatically linked to the purchased closed-loop card.

Selling a cryptocurrency:

Customers who want to sell cryptocurrency need to register their closed-loop card linked to their digital wallet on Fintech Select’s website (www.Selectcoin.ca) and transact the sale process on the very same website.

Using a cryptocurrency to buy products:

A customer who has a registered card linked to a digital wallet can use his/her cryptocurrency to buy products at any retailer who also has the company’s POS.

Fintech Select recently provided an update on its POS Selectcoin platform. The company has decided to re-build this platform based on the latest POS software technology. Additional functionality has been added to the solution, allowing cardholders and e-wallet owners to spend their funds in fiat or crypto at any merchant that has Fintech’s POS. This functionality will allow customers to use their funds to make payments toward purchases, either online or at physical merchant locations.

In a corporate update for investors and media, the company’s chief executive officer and President, Mohammad Abuleil, commented, “The solutions we continue to develop will have a positive impact on the company’s leading role in the financial payment solutions sector and will expand the company’s footprint globally to help pursue international opportunities.”

Pre-paid card management platform:

Fintech Select can service a market of millions of under-banked consumers, corporates, and governments through its technology platforms.

Fintech Select has provided MasterCard and VISA prepaid cards and related services to large customers and government agencies. It has a proprietary end-to-end prepaid card solution to suit all business needs. This suite of applications is rich in features and works in unison to deliver a seamless transaction-based system for all banking needs. The cards come with a PIN and chip technology, which ensures safety to customers’ funds. The multi-currency card options allow a customer to load multiple foreign currencies.

Customer service platform:

Fintech Select’s multilingual customer service centre operates 24 hours a day, seven days a week, 365 days a year, and supports the company’s own product and third-party customers, while also providing an advantage for the company to ensure that its service maintains its high standards and is always available to its customers.

Stock performance:

With a market cap of just over $5 million (CAD), FTEC stock has performed well in the past year, climbing 280% since this time last year.


(Fintech Select Ltd. stock chart – August 2020 to September 2021. Click to enlarge.)

As a leading prepaid financial services provider, Fintech Select should be on the radar for investors to deepen their due diligence and learn more.

For investors searching for the next deal, looking for a well-positioned business that is accelerating at an impressive speed, Fintech Select is a prime candidate for any tech portfolio, given its excellent position in the e-commerce industry.

To find out more about the company, visit their website at fintechselect.com.


FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.



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