TORONTO, March 09, 2020 (GLOBE NEWSWIRE) -- Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to update on the progress of its inaugural project with Raseed, the Company’s JV partner in Libya (“Raseed”). Fintech’s new developed solution (the “Solution”) intends to address physical cash shortages at banks where clients cannot withdraw cash as required. The newly-developed Solution consists of three major modules: one is related to the bank (the “Bank”), another to the merchant (the “Merchant”), and the final to the Bank’s clients (the “Client”). These three modules integrate on the back-end through Application Program Interfaces (“APIs”). The developed Solution would then allow the Bank to load closed-loop cards with the funds requested by Clients such that they may use the loaded funds at all registered Merchants to complete purchases. Merchants, for their part, can settle these purchases with reasonable flexibility, with each applicable Bank being able to transfer settled funds into the Merchant’s bank account directly.
Throughout the course of testing the Solution (as previously announced), the Company’s IT team also developed more features and settlement reports for the Solution that the Company feels have added considerably greater value. On the hardware side, the Company is in the process of replacing its old Verifone POS with an all-new, wireless/SIM card POS running on Android technology that the Company feels is among the leading technologies for POS and tablets and which perhaps, most importantly, better suits the existing internet infrastructure in Libya. The Company’s team is also in the process of developing a new User Interface (the “UI”) and APIs for the new Point-of-Sale (“POS”) used for the Solution that it anticipates completing within the coming weeks. By implementing the Solution as an alternative to open-loop card solutions, the company anticipates utilizing the new POS to generate revenue on a per-transaction basis. The Company is confident that Libya, along with other jurisdictions that are either de-monetizing or have physical cash shortages, presents a promising opportunity.
“We believe that this new Solution will complement and enrich the Company’s existing portfolio of digital and financial payment solutions and ultimately enhance value for our shareholders,” said Chief Executive Officer Mohammed Abuleil.
The Company intends to provide a further update on details and availability pertaining to the Solution in due course.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mohammad Abuleil, President & CEO or
Shelley Alliet @ - Investor@fintechselect.com
519-3518647
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and mobile banking solutions. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike.Fintech select also operates an international call centre that provides fulfillment and customer service support to customers across all the company’s platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information:
This news release contains “forward-looking information” within the meaning of applicable securities laws. 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. Fintech undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of its securities, financial or operating results (as applicable) or prospects as to the effective implementation of the Solution with Raseed or future revenue levels from the rollout of the Solution and other products. Fintech 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.
