MONTREAL, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Mobi724 Global Solutions Inc. (“MOBI724” or the “Company”) (CSE:MOS) (OTCQB:MOBIF)- a Fintech leader offering all in one fully integrated EMV payment, card link couponing and digital marketing solutions, announces that it has entered into a Memorandum of Understanding with First Global Data Limited (“First Global”) (TSX-Venture:FGD) (Frankfurt Stock Exchange:1G5) for the deployment of First Global’s alternative payment service in the Philippines and targeted countries in Latin America.
First Global is a Fintech company with proprietary leading edge technology that 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.
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 cross sell and to offer remittance payout services through Point of Sales connected to Mobi724’s payment gateway and a mobile wallet.
- First Global will integrate its platform with Mobi724’s payment gateway to provide a unique compliant trans-border system with a mobile wallet platform in the target countries, thus adding new payment capabilities for Mobi724’s acquirers and their respective merchants.
- Mobi724 will provide cash access flexibility via the 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 Mobi724 and First Global 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.
“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 CEO of Mobi724 – Marcel Vienneau
“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.
ABOUT First Global Data Ltd. (www.firstglobaldata.com)
First Global is an international financial services technology ("FINTECH") company. First Global'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.
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.
Forward-Looking Statements
Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Contacts:
MOBI724 Global Solutions Inc.
Marcel Vienneau
1-514-394-5200 x 413
www.MOBI724.com