First Global Data Ltd (TSXV:FGD) is pleased to provide an update on its Social Messaging Payments and Remittance initiative with LianLian Pay on the WeChat social messaging platform pursuant to press releases dated April 19 and April 27, 2017.
The initial phase enables users in the USA on the WeChat platform to send money to friends and family in China. The Company believes that this is the world’s first social messaging multi integrated remittance platform whereby SOCIAL converges on FINTECH in the flow of cross border money.
First Global is pleased to announce that the first phase of beta end to end testing has been completed and was very successful.
“This is a new service which we believe has never been delivered anywhere in the world in the past. The solution has multiple interconnections and integrations combining to create an end to end seamless transaction in the flow of cross border money remittance and serves to showcase First Global’s cutting edge technology. We are very pleased with the progress made during this initial beta testing phase and look forward to launching service in the near future,” said Andre Itwaru, First Global’s Chairman and CEO.
About Lianlian: (www.lianlianpay.com)
Lianlian Pay is the fourth largest non-banking third-party payment service provider in China, with transaction volume exceeding $50 Billion in 2016. Fast-growing, innovation-oriented and highly-adaptive, Lianlian Pay, as one of the top licensed mobile payment companies in China, has been priding itself in focusing on and excelling at providing all-in-one payment solution in the form of CUP cards mobile payment, cross-border payment and settlement, RMB and foreign currency disbursement, and international remittance services etc. for tens of millions of individual customers and thousands of merchants and partners.
About WeChat (Wikipedia):
Wēixìn; literally: “micro message”) is a social media (instant messaging, commerce and payment services) application developed by Tencent. It was first released in 2011 and by 2016 it was one of the largest standalone messaging apps by monthly active users,[9][10] with over 889 million active users spending 66 minutes a day on the app on average.[11] However, as of 2017, WeChat has not been successful in penetrating international markets outside of China.[12]
About First Global: (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 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.
