First Global Announces Mobile Payment Launch with Indian Bank
TORONTO, Nov. 7, 2016
TSX Venture Exchange: FGD
TORONTO, Nov. 7, 2016 /CNW/ - First Global Data Limited ("First Global" or the "Company") is very pleased to announce that its Indian subsidiary MSEWA Software Solution Private Limited ("MSEWA") has launched the Company's mobile payment service with Vijaya Bank (the "Bank") in India under the brand "VPayQwik™".
The VPayQwik™ mobile app is available for download in the Google Play store, and is soon to be available for download in the Apple store. The app presents consumers with multiple in demand services each of which generates revenues for the Bank and First Global.
Vijaya Bank is a large government owned bank that prides itself on offering innovative, technology oriented solutions to its clients. The Bank has more than 14 million active account holders.
"We are delighted that Vijaya Bank has chosen to partner with us", said Andre Itwaru, Chairman and CEO of First Global. Mr. Itwaru added, "The launch was very successful and we are working closely with the Bank with a focus to penetrate their millions of account holders by steadily increasing the number of clients using VPayQwik™, then to increase the velocity of transactions toward our mutual objectives."
Mr. Pankaj Kumar, CEO, MSEWA said, "India has become the second largest smartphone market with over 370 million mobile internet users and according to reports, the mobile wallet market in India is projected to reach US$ 6.6 billion by 2020. Our team is concentrating on delivering a comprehensive ecosystem to our clients & customers under one umbrella. With the uplifting wave of mobile payments which has an effulgent future, VPayQwik will surely be a success."
Mr. Itwaru added, "First Global's strategy has been to partner with organizations with large consumer bases, enable them with our industry leading technology, compliance core and international reach, to jointly deploy services and penetrate their consumer bases over time converting them into regular active users. We continue to work aggressively on this strategy and are experiencing excellent progress."
About Vijaya Bank
Vijaya Bank today is a pan India Institution, serving diverse sectors of the society. The bank has built a network of 1863 branches, 49 Extension Counters and 1651 ATMs that span across all States and Union Territories in the country. Vijaya Bank offers a bouquet of innovative and attractive products and services to the customers. Vijaya Bank also incorporates the latest technology to provide the best services to our customers. The Bank offers several technology products, such as, ATMs, cash deposit machines, Debit and Credit cards, internet banking, Mobile Banking, Phone Banking, Funds transfer through RTGS and NEFT etc.
About First Global
First Global is an international financial services technology company operating in the payments sector. First Global's services are designed primarily for the domestic and international unbanked and under banked markets. Its two main lines of business are mobile payments and international money transfers. First Global's leading edge technology core enables mobile and online: payments, money transfers, shopping and peer to peer services.
First Global enables its strategic partners and clients around the world with its leading edge financial services technology platform. The Company facilitates the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance.
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.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE First Global Data Limited
Image with caption: "First Global Data Limited (CNW Group/First Global Data Limited)". Image available at: http://photos.newswire.ca/images/download/20161107_C4347_PHOTO_EN_812519.jpg
Andre Itwaru, Chief Executive Officer and President, Telephone: 416.504.3813, Facsimile: 416.504.7092, Email: email@example.comCopyright CNW Group 2016