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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Nov. 23, 2017 /CNW/ - First Global Data ("First
Global" or the "Company") is very pleased to announce that it has exceeded 1 million users, and would like to provide the
following corporate update.
Annual General Meeting:
On October 26, 2017 the Company conducted its Annual General Meeting ("AGM"). The meeting was
well attended with a record number of shareholders in attendance. The Company's Chairman and CEO, Mr. Andre Itwaru presented the Company's corporate overview, lines of business, corporate strategy, objectives and
direction.
Mr. Itwaru shared that the Company's corporate strategy includes a three-phased approach. Firstly, the Company partners with
large strategic organizations which have an embedded customer base. Secondly, it works with its strategic partners to penetrate
that embedded customer base by encouraging them to download the mobile app/register. Thirdly, the Company works with its partners
to encourage those customers to use one or many of the services offered to drive revenues.
The Company's current objectives include:
- Customer Acquisiton: by leveraging partners' base of existing users
- Penetrating: 1 Million Active Users
- Monetizing: Drive annual revenue per user ("ARPU") to $280
- Continue to increase profitability
- Increase customer penetration beyond 1 Million
- Duplicate model in each corridor and every deploy
Mr. Ken Zheng, Chief Operating Officer of one of the Company's China based strategic partners, Lianlian Pay presented Lianlian and shared that Lianlian:
- Is the 4th largest mobile payment service provider in China
- Has a customer base of 150 million registered users
- Has 10,000+ online merchants
- Has processed in excess of US$ 80 Billion in transactions to date in 2017
Mr. Zheng demonstrated the world's first social messaging based cross border remittance service which has been launched in
partnership between Lianlian Pay and First Global on the WeChat messaging platform. Mr. Zheng also shared his views on the growth
and potential of the partnership with First Global. The presentations were quite interactive and there was significant interest
by shareholders with many questions and answers. Presentations are available for view at: www.firstglobaldata.com/agm
India Progress and User Base:
First Global is pleased to advise that in India, through its partnership with Vijaya Bank and the VPayqwik mobile wallet offering, the Company has achieved 972,364 users. The company is
pleased with this penetration given the short timeframe services have been available in the Indian market. The Company is working
with Vijaya Bank to continue increasing the number of users and to drive incremental transactions
and revenues per user.
Remittances User Base, Lianlian Pay, and US Licenses:
First Global is pleased to announce that its user base for remittances services in the USA
and Canada which includes the Happy Transfer service launched in cooperation with Lianlian Pay
has achieved 322,024 users.
Happy Transfer is a service available in the USA on the WeChat social messaging platform. It
allows a person in the USA to send money from their mobile phones to a user in China in approximately 9 seconds. The service is the first of its kind in the world. Launch of services
occurs on a state-by-state basis. The Company has launched this service in 24 states, continues its launch program into the other
10 states and has been working with Lianlian Pay toward launch in Canada.
In 2017, the Company has increased its US state money transmitter licenses by 13 and continues to work toward achieving all 50
licenses. The full complement of state licenses will enable the Company to offer all of its services country wide in the
USA.
AnalytixInsight:
On July 5, 2017 the Company announced that it had entered into a Letter of Intent with
Analytixinsight to expand First Global's mobile payments services across Europe and elsewhere in
a revenue sharing model. AnalytixInsight will leverage its partnerships with organizations such as Samsung and Intesa Sanpaolo,
to expand First Global's mobile payments services across Europe and elsewhere as determined by
the Parties in a revenue sharing model. Intesa Sanpaolo - one of Italy's largest banks with a
market cap of over €45 billion - has shared ownership in AnalytixInsight's subsidiary Marketwall. Under the partnership, Intesa
Sanpaolo will migrate approximately 8 million mobile banking users in 8,000 retail branches to Marketwall's mobile platform
across five European countries, to provide a range of mobile payment services.
The Company would like to advise that it is actively working with Analytixinsight to conclude the definitive agreement and to
engage project teams toward service deployment anticipated to occur in Q1, 2018.
China Smartpay:
On September 25, 2017 First Global announced that it has entered into a Binding Memorandum of
Understanding ("MOU") with China Smartpay to deliver cross border payment solutions for Chinese vacation travelers and students
studying overseas. The Company would like to advise that it is actively working with China Smartpay toward conclusion of the
definitive agreement and service launch in time for Chinese New Year on or prior to February 16, 2018.
In the September 25, 2017 announcement, Mr. Xiong, the President of China Smartpay Group Holding
advised that, "Chinese outbound tourism will continue to experience consistent rapid growth. In 2016 Chinese outbound tourists
spent 216 billion US dollars, of which the United States accounted for 120 billion US dollars. This shows
that the North American market is one of most important destinations for Chinese tourists…China Smartpay Group…is partnering with
First Global Data for its leading technology, licenses, and wide payment network and capabilities in North America to
carry out the North American market mobile payment business."
"The AGM was a great success. I sincerely appreciated meeting our shareholders, sharing our vision and progress, answering
their questions and listening to their perspectives and advice. I am also very pleased with the progress we have made toward
increasing our customer base. We are focused on having all of our deployments around the world contribute toward achieving 1
million active users generating $280 of revenue per user per year. We are very pleased with the
progress we have made with our China based partners as we deploy innovative solutions for the
very large overseas Chinese demographic and shoppers. We also continue to improve our technological capabilities which includes
enhancing our existing mobile wallet to encompass the acceptance of crypto currencies in a compliant and regulatory manner, and
this solution will be available on a white label basis to our strategic partners. We believe that the impact of the progress we
have made will be better understood toward the end of 2017 and into 2018", said Andre Itwaru,
Chairman and CEO of the Company.
About First Global
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 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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