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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Oct. 31, 2017 /CNW/ - First Global Data ("First
Global" or the "Company") is pleased to advise that it has entered into a Memorandum of Understanding with Mobi724 Global
Solutions Inc. ("Mobi724", CSE: MOS, OTCQB: MOBIF) for the deployment of First Global's alternative payment service in
the Philippines and other targeted countries in Latin
America.
Mobi724 is an established company which currently offers payment solutions, Card-Linked Offers & Rewards ("CLOR")
solutions and digital marketing and is licensed to provide such services in the Philippines, the
Caribbean, Colombia, and Argentina. In Latin America, Mobi724 is connected to multiple acquires and
issuers to provide CLOR solutions whereas in the Caribbean, Mobi724 provides mobile point of
sale and payment gateway solutions to a large acquirer in the region. Mobi724 is further expanding its reach in LATAM and the
Caribbean as it recently signed a commercial agreement with the world's largest credit card
association to provide CLOR solutions to the latter's merchants, acquirers and issuers. Finally, in the
Philippines, Mobi724 is connected the local debit network across the country via its connectivity to BancNet and other
payment gateway operators.
The anticipated parameters of the going forward relationship for the deployment of the alternative payment service are as
follows:
- Mobi724 will leverage its base of customers to offer various services through Point of Sales connected to Mobi724's payment
gateway and First Global's mobile wallet platform.
- First Global will integrate its technology platform with Mobi724's payment gateway to provide a unique compliant
cross-border system with mobile wallet deployment in the target countries, which will result in new payment capabilities for
Mobi724's acquirers and their respective merchants.
- Mobi724 will provide cash access flexibility via a mobile wallet which will include cash load and bills payment
domestically in the target countries.
- First Global will customize an on-boarding experience for Mobi724's customers.
- Revenues are expected to be shared between the Company and Mobi724 on a 50/50 per transaction basis.
- Final deal terms and conditions will be outlined in the definitive agreement prior to the companies launching the
service.
The companies are working together towards the conclusion of a definitive agreement and expect completion of the first phase
before the end of Q4, 2017.
"Mobi724 has significant penetration in the Philippines and Latin
America including key strategic relationships with banks. The objective is for First Global and Mobi724 to provide
alternative payment solutions for these target banks and to facilitate cross-border remittances and payments inbound and
domestically within these countries. The Philippines and Latin
America are existing and active corridors for First Global, and we view this relationship with Mobi724 as an accelerator
to drive incremental transactional growth, while at the same time being a major contributor to our global strategy", says
Andre Itwaru, Chairman and CEO of First Global Data Limited.
"As we continue to gain momentum in the Philippines and LATAM, we believe that the addition
of these value-added alternative payment solutions to our pipeline will increase revenues and complete our offering. Partnering
with global innovators, such as First Global Data, is part of our growth strategy and has served us well in the past", says
Marcel Vienneau, CEO of Mobi724.
About Mobi724 Global Solutions Inc. (www.mobi724.com)
MOBI724, a leader in the fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of payment & digital marketing solutions with a
combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any Mobile device. MOBI724's
solutions add value to all types of transactions benefiting banks, retailers and cardholders by leveraging available user and
purchasing data to increase transaction volumes and spend. MOBI724 provides a turnkey solution to its clients to capture card
transactions on any Mobile device, at any point of sale or from any payment card. MOBI724 provides its customers with full and
comprehensive traceability and enriched consumer data through its offering. Its solutions enable card associations, retailers,
manufacturers, offer providers, Mobile operators and card issuers to create, manage, deliver and "track and measure" incentive
campaigns worldwide to any Mobile device and allow its redemption at any point of sales.
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.
Caution:
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, including the completion of the Transaction and the anticipated terms thereof, 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
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