First Global Participates in TenCent Chinese New Year Event

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTOMarch 6, 2018 /CNW/ – First Global Data Limited (the “Corporation” or “First Global”) is pleased to announce that it was invited by Tencent USA, a subsidiary of Tencent Holdings (collectively “Tencent“) to take part in a marketing event at Quicken Loans Arena on February 27, 2018 during a basketball game between the Cleveland Cavaliers and the Brooklyn Nets in celebration of Chinese New Year.

First Global worked with Tencent to host a number of executives from North American retail and a variety of other strategic organizations. The event was well attended and enjoyed by all.

As set out in the Corporation’s press releases of February 1, 2018, the Corporation has entered into a strategic relationship with Tencent whereby the two companies will work closely together to expand merchant acquiring, processing and settlement services in the USA. The service is designed to enable existing WeChat users traveling from China to make payments from their WeChat mobile wallet at retailers and merchants located in the USA.

“We are very pleased to have been invited by Tencent to participate in the celebration of Chinese New Year at the Cleveland Cavaliers Brooklyn Nets game on February 27. In addition to enjoying the game and festivities, we were happy to have hosted a number of key executives representing a variety of strategic business sectors”, commented Andre Itwaru, First Global’s Chairman and CEO.

About Tencent (www.tencent.com)

Founded in November, 1998, Tencent is a leading provider of Internet value added services in China. Since its establishment, Tencent has maintained steady growth under its user-oriented operating strategies. On June 16, 2004Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange. It is Tencent’s mission to enhance the quality of human life through Internet services. Presently, Tencent provides social platforms and digital content services under the “Connection” Strategy. Tencent’s leading Internet platforms in China – QQ (QQ Instant Messenger), Weixin/WeChat, QQ.com, QQ Games, Qzone, and Tenpay – have brought together China’s largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, financial services and others.

About First Global Data Ltd. (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.

SOURCE First Global Data Limited

For further information: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com

Related Links

www.firstglobaldata.com

First Global Data Director Buys 159,500 Shares

A First Global Data Ltd (traded on the CVE as FGD) Director Peter Alan Lacey bought 159,500 shares of the company at an average price of C$0.22 per share (Total of C$35,090,00) in a transaction dated Thursday, March 1st.

Recently, director Peter Alan Lacey also made the following trade(s):

  • On Wednesday, December 13th, bought 139,000 shares of First Global Data stock  at an average price of C$0.22 per share, for a total of C$30,580.00.
  • On Friday, January 12th, bought 698,000 shares of First Global Data stock at an average price of C$0.22 per share, for a total of C$153,560.00.

 

Shares of First Global Data were up C$0.01 on Friday, hitting C$0.21 with 151,650 shares of the stock traded (compared to its average volume of 848,684.

 

First Global Data Ltd is a small-cap stock with a twelve month low of C$0.19 and a twelve month high of C$1.00.

 

About First Global Data Ltd. (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.

First Global Data Closes First Tranche of Private Placement

Toronto, Ontario–(Newsfile Corp. – February 28, 2018) – First Global Data Limited (TSXV: FGD) (FSE: 1G5) (the “Corporation“) is pleased to announce that it has closed the first tranche (“First Tranche“) of a non-brokered private placement (the “Private Placement“) previously announced in its press release of February 8, 2018. In this First Tranche, the Company issued an aggregate of 7,272,000 units (the “Units“) at a price of $0.25 per unit for aggregate gross proceeds of $1,818,000.00.

Each unit in the Private Placement consists of one (1) common share and one (1) common share purchase warrant (“Warrant“). Each Warrant entitles the holder to purchase one (1) common share for a period of two (2) years from date of issuance at an exercise price of $0.40 per Warrant.

The Private Placement remains open and subject to all necessary final regulatory approvals. The securities being issued in the Private Placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. The Corporation intends to use net proceeds for general working capital and the retirement of debt.

About First Global Data Ltd. (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.

For further information please contact:
Andre Itwaru, Chairman and CEO
(416) 504-3813 ext. 204
First Global Data Limited
email: ir@firstglobaldata.com

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.

Read more at http://www.stockhouse.com/news/press-releases/2018/02/28/first-global-announces-private-placement#hM2BQQ1dxfzKKJsf.99

B.C. Launches Aggressive Housing Plan Targeting Luxury Homes

The NDP government of British Columbia has introduced an aggressive $6 billion plan targeting luxury homes, foreign buyers and absentee property owners.

In an attempt to make housing in Vancouver more affordable for everyone, the NDP government has launched over 30 measures that include increasing property taxes on homes above $3 million by thousands of dollars a year, increase foreign buyers tax from 15% to 20% (an extra $50,000 in tax for every million dollars). taxing AirBnB rentals and some new taxes as well. The AirBnB should be no surprise as I have posted about it in the past and vlogged about it on my youtube channel.

The idea is to take money from those that have it and buy housing for those that want to live in Vancouver, but can’t afford it. The plan is an extensive one that will require a large degree of complexity and hiring staff in order to implement.  A large portion of taxes raised will end up going to hiring more government employees. What is left will go towards building of rental and affordable housing according to their targets.

Over the years, Canadian real estate has become the place for foreigners, especially those from China, Russia, India, Middle East to park their money. For whatever reason, these individuals feel that it is safer to put their money in Canada, away from the legal, political and economic uncertainty in their home countries. In the process, they have driven up Canadian real estate prices beyond the reach of the average hard working Canadian. Well-educated and willing youth, many with fairly decent jobs, and unable to purchase their own home are seeing unemployed foreign youth living in multi-million dollar homes and driving luxury or even exotic sports cars.

The message is clear, in order to appease the cries of the general population for affordable housing, politicians looking to get elected have yielded the battle cry of affordable housing. Unable to address the fundamental underlying issue they have turned to smoke and mirrors to address the concerns of the population. Unfortunately, this is not going to end here as those underlying issues remain unaddressed.

There is a reason why foreigners are able to buy homes when Canadians cannot afford it. There is a reason why well-educated Canadians can not get jobs and foreigners are living luxurious lifestyles without employment. Rather than address those issues, the NDP government of B.C. is simply taking money from those that it sees having a lot of it and giving it to those that don’t have enough of it.

It is probably that the prices of the $3 million plus homes will be cooled. It is also probable that some of those home owners may now liquidate their $3 million home, but will a homeless person buy it? No, that homeless person will still be homeless. But, those foreigners may not be visiting Vancouver, spending their money at restaurants, transportation, buyer cars, furniture, etc. If that happens the impact on average local jobs could be negative, which means less tax revenues. In turn, this could make it even harder for individuals to afford homes at all levels of prices.

The NDP government’s message is clear, Vancouver belongs to British Columbians, so speculate on real estate somewhere else!

Please follow and like us:

Originally published by Baldo Minaudo on BaldoMinaudo.com, Baldo Minaudo, M.B.A. is a Real Estate Broker located out of Toronto serving local and international clients. He may be reached through is office 416-698-2090 or through his website.

First Global Data Details Agreement with Tencent

NEWS PROVIDED BY

First Global Data Limited

Feb 01, 2018, 16:45 ET

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTOFeb. 1, 2018 /CNW/ – Pursuant to the press release issued earlier this morning, the Investment Industry Regulatory Organization of Canada (“IIROC”) has requested that First Global Data Limited (“First Global” or the “Company”) issue this press release to elaborate on and clarify the business model and agreement it has entered into with Tenpay Payment Technology Co. Ltd, a subsidiary of Tencent Holdings (collectively “Tencent“).

The objective of the agreement between First Global and Tencent is to facilitate the acceptance of the WeChat mobile wallet by US retailers and merchants. First Global, with the assistance of Tencent and China Smartpay, will source US retailers and merchants willing to accept the WeChat mobile wallet as a method of payment. Once a retailer has agreed to accept this method of payment, First Global will be responsible for the onboarding of such retailers and merchants including the performance of all necessary due diligence on these parties.

The agreement represents a new line of business for the Company. The costs to the Company associated with this new line of business will be (i) the cost of integrating the company’s technology with that of Tencent and (ii) the cost of sourcing and onboarding the US retailers. With respect to the cost of integrating the Company’s technology with that of Tencent, the Company anticipates that the costs will be nominal as the Company has extensive experience with integrating its software with that of third parties. The Company does have the adequate resources to integrate the technologies and once integrated there will be no additional costs.

With respect to the sourcing and onboarding of retailers, the costs to the Company will primarily be adding additional sales associates to source and sign up merchants. As these individuals typically work on a commission pay structure, there will be minimal to no cost to the Company until such time that a retailer is signed up. The cost of installing equipment in each location will vary depending on the equipment currently held by the retailer and whether the retailer will require any equipment. The Company will not be responsible for any of the equipment cost.

First Global will always maintain a direct relationship with each retailer and merchant. The Company will be responsible for the implementation and integration of the WeChat mobile wallet using a variety of technical integration options at the merchant location. The Company will connect to the Tencent payment infrastructure by way of technical integration. These technical integrations will allow for the seamless debiting of funds from the consumer’s WeChat mobile wallet, the conversion of currency from RMB to USD, and the settlement to the merchant’s bank accounts.

Revenues will be generated on a per transaction basis. Each merchant will be charged a fee for each transaction that utilizes the WeChat mobile wallet as the payment method. The fees to be charged will be similar to that which exists for the processing of credit cards. Merchants will pay the Company a percentage based on the gross dollar value of the goods or services being purchased. The Company will determine what these rates will be on a case by case basis and based on industry standards. The Company will share these revenues with Tencent and China Smartpay. There can be no assurance or guarantee that any revenue will be generated from this agreement with Tencent as it is dependent on merchants in the US agreeing to accept the WeChat mobile wallet as a payment method.

The term of the agreement with Tencent is for one (1) year and shall automatically renew for subsequent one-year periods unless terminated by either party having provided one month’s prior notice.

About First Global Data Ltd. (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.

SOURCE First Global Data Limited

For further information: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com

First Global Signs Agreement with Tencent Payment Company

NEWS PROVIDED BY

First Global Data Limited

06:00 ET

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTOFeb. 1, 2018 /CNW/ – First Global Data Limited is pleased to announce that its wholly owned US subsidiary, First Global Money Inc. (collectively “First Global” or the “Company”) has entered into an agreement with Tenpay Payment Technology Co. Ltd, a subsidiary of Tencent Holdings (collectively “Tencent“).

Tenpay is a leading payment platform owned by Tencent. The platform is dedicated to providing efficient and professional cross-border online and offline payment service to global users. Tencent also owns WeChat, a social messaging platform which has close to 1 billion users registered globally, and WeChat Pay which is the mobile payment service embedded in the WeChat social messaging service which Tenpay operates.

On November 21, 2017, Fortune reported that: “Tencent (TCTZF, +1.21%) has become the first Chinese tech firm valued over $500 billion. Shares of the 19-year-old company, listed on the Hong Kong Stock Exchange, hit record numbers on Tuesday, rallying to close at HK$430 to give it a market capitalization of some $522 billion—about $3 billion above Facebook’s closing valuation of $519 billion Monday.” The article can be found at:

http://fortune.com/2017/11/21/tencent-market-capitalization-500-billion-facebook/

As part of this “Cross Border Payment Acquiring Service Agreement”, First Global will work closely with Tencent to expand merchant processing and settlement services in the USA. The service will enable existing WeChat users to make payments from their WeChat mobile wallet at retailers and merchants located in the USA.

In China, mobile wallets are the predominant method used for payments. WeChat users load local Chinese funds (“RMB”) into their WeChat mobile wallets and make payments across China using WeChat Pay. WeChat Pay is one of the leading payment services widely accepted. The service provided under this agreement will enable WeChat users to travel to the USA and make purchases at retailers and merchants seamlessly. First Global, working together with Tencent will facilitate the conversion from RMB to US dollars and the settlement of payments with the retailers and merchants in the USA. First Global announced on January 16, 2018 that it entered into a definitive agreement with China Smartpay. China Smartpay works closely with Tencent for the processing of WeChat Pay transactions in China. The companies will work together to ensure that all requisite compliance controls are in place and regulatory guidelines are followed in both countries. The companies will also share transactional revenues.

“This is a significant milestone for First Global. We are very pleased to have been chosen as a partner by Tencent. In discussions leading up to this agreement, among other things, First Global’s strength and focus on technology and compliance were key determining factors. We believe that this collaboration will bring an incredible opportunity to the US retail sector which is open to embracing new technologies that help to drive incremental business. We are already working closely with our partners toward the deployment of services. It is gratifying to see that the assets and value we have built in First Global over the past few years are now being recognized by large and successful companies such as Tencent“, commented 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. 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

For further information: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com

First Global Data (CVE:FGD) Director Continues Acquisition of Shares

Director Peter Alan Lacey of First Global Data (CVE:FGD), acquired 698,000 FGD shares on Friday, January 12th at an average price of C$0.22 each. Total value of the transaction was C$153,560.00, according to dispatch tribunal.com.

 

Previously, on December 13th, Peter Alan Lacey also acquired 139,000 shares of First Global Data stock at an average price of C$0.22 per share.

Shares of First Global Data Ltd (CVE:FGD) closed at C$0.24 on Monday, June 23rd, 2018 with trading volume of 2,212,467 (about double its recent average daily trading volume).

First Global Data Ltd has a 1-year low of C$0.19 and a 1-year high of C$1.00.

First Global Data Company Profile

First Global Data Ltd is a Canada-based financial services technology company which operates in the payments sector and focuses on domestic and cross border payments. Services include consumer-to-consumer money transfer, which are provided under the First Global Money brand and Mobile Payments which are generally provided under the PayQwik brand.

Bank Of Canada Admits Economy More Sensitive To Hikes

Bank of Canada increases overnight rate target to 1 1/4 per cent

The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook.

The global economy continues to strengthen, with growth expected to average 3 1/2 per cent over the projection horizon. Growth in advanced economies is projected to be stronger than in the Bank’s October Monetary Policy Report(MPR). In particular, there are signs of increasing momentum in the US economy, which will be boosted further by recent tax changes. Global commodity prices are higher, although the benefits to Canada are being diluted by wider spreads between benchmark world and Canadian oil prices.

In Canada, real GDP growth is expected to slow to 2.2 per cent in 2018 and 1.6 per cent in 2019, following an estimated 3.0 per cent in 2017. Growth is expected to remain above potential through the first quarter of 2018 and then slow to a rate close to potential for the rest of the projection horizon.

Consumption and residential investment have been stronger than anticipated, reflecting strong employment growth. Business investment has been increasing at a solid pace, and investment intentions remain positive. Exports have been weaker than expected although, apart from cross-border shifts in automotive production, there have been positive signs in most other categories.

Looking forward, consumption and residential investment are expected to contribute less to growth, given higher interest rates and new mortgage guidelines, while business investment and exports are expected to contribute more. The Bank’s outlook takes into account a small benefit to Canada’s economy from stronger US demand arising from recent tax changes. However, as uncertainty about the future of NAFTA is weighing increasingly on the outlook, the Bank has incorporated into its projection additional negative judgement on business investment and trade.

The Bank continues to monitor the extent to which strong demand is boosting potential, creating room for more non-inflationary expansion. In this respect, capital investment, firm creation, labour force participation, and hours worked are all showing promising signs. Recent data show that labour market slack is being absorbed more quickly than anticipated. Wages have picked up but are rising by less than would be typical in the absence of labour market slack.

In this context, inflation is close to 2 per cent and core measures of inflation have edged up, consistent with diminishing slack in the economy. The Bank expects CPI inflation to fluctuate in the months ahead as various temporary factors (including gasoline and electricity prices) unwind. Looking through these temporary factors, inflation is expected to remain close to 2 per cent over the projection horizon.

While the economic outlook is expected to warrant higher interest rates over time, some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target. Governing Council will remain cautious in considering future policy adjustments, guided by incoming data in assessing the economy’s sensitivity to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation.

Information note

The next scheduled date for announcing the overnight rate target is March 7, 2018. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on April 18, 2018.

First Global Data to Provide Mobile Payments for Chinese Vacationers to USA

Information provided by First Data Global

TSX Venture Exchange: FGD  Frankfurt Stock Exchange: 1G5

TORONTOJan. 16, 2018 /CNW/ – First Global Data (“First Global” or the “Company”) is very pleased to announce that it has entered into a Definitive Agreement with China Smartpay to deliver cross border payment solutions for Chinese vacation travelers and students studying overseas. On September 26, 2017 the Company announced that it had entered into a binding MOU with China Smartpay.

First Global’s implementation team has also recently returned from Shanghai and is working closely with China Smart Pay to implement the solution.

The service will allow WeChat users in China to travel to the United States, shop at a US retail location, and purchase goods using the funds on their WeChat mobile wallet. There are close to 1 billion users on the WeChat mobile platform globally and as noted in the September 26, 2017 press release, in 2015 “Chinese shoppers bought almost half of the world’s luxury goods”…”The outbound Chinese tourist numbers reached 120 million in 2015″…and “Chinese consumers spent 1.2 trillion yuan ($183 billion)“. According to Fung Global Retail and Tech (https://www.fungglobalretailtech.com/research/global-chinese-shoppers-carry-spending-momentum-2016/). By 2020, they estimate that “186 million Chinese tourists will travel overseas”…and that “their total overseas spending will reach US$349 billion per year.”

First Global, through its money transmitter licenses will ensure that each transaction complies with US regulatory guidelines. In addition, First Global will be responsible for retrieving the consumer funds from their mobile wallets and settling all transactions with the US based merchants. Merchants will pay First Global a percentage of the gross dollar value of the goods purchased, which is the existing model used for purchases made with credit cards today. First Global will share revenues with China Smartpay.

“The US is one of the most frequented countries for Chinese vacationers. The benefit for US retailers can be significant as this provides them with access to a relatively new and very large base of shoppers. In addition, retailers will benefit from accepting payments from the leading edge mobile payment service implemented by First Global. Deploying services in the USA is intended to be phase 1 and we will keep our shareholders updated as the project evolves. From my perspective, this initiative fits our Company like a glove. It leverages our cross-border capability, access to very large consumer base, our licenses, and is within our mobile centric payments and transactional revenue focus”, said Andre Itwaru, Chairman and CEO of First Global Data Limited.

About China Smartpay (www.chinasmartpay.com/en)

China Smartpay is China’s leading payment solutions company. The China Smartpay Group Holdings (8325.HK) is a Hong Kong-listed company which is engaged in smart payment and internet finance. The company owns the nationwide prepaid card license and internet payment license, and possesses leading smart POS technology and systems. By cooperating with capable and well-known strategic partners, China Smartpay is able to take a leading position in the payment industry. China Smartpay’s payment business will be based on prepaid cards, and expand into internet payment, mobile payment, and P2P, etc. in order to serve customers of various types, and establish a vast real-name account network. In the long term, such account networks will become the platform for integrated and personalized financial services.

About First Global Data Ltd. (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.

SOURCE First Global Data Limited

For further information: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com

Related Links

www.firstglobaldata.com

First Global Announces Q3 2017 Financial Results

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTONov. 30, 2017 /CNW/ – First Global Data (“First Global” or the “Company”) is pleased to announce that it has released its Q3, 2017 financial statements.

First Global Data Limited (CNW Group/First Global Data Limited)

Please note that financial statements are prepared in US dollars, while the Company’s stock price and market cap as presented on the TSX Venture Exchange are reflected in Canadian dollars.

Revenues:
The Company continued to realize and increase in revenues. The three month ending September 30, 2017 revenues were $4,504,979 as compared to the three-month ending September 30, 2016 of $1,112,116.

Net Income:
Net income for Q3 showed a loss of $35,053 as compared to Q3, 2016 net income loss of 4,363. Among other things, the company continues to focus on increasing licenses in the USA which adds additional costs.

Profitability and Capital Position:
As at September 30, 2017, the Company maintained an overall positive net income and the capital position of the Company continues to be strong.

“We are generally pleased with our financial results for Q3, 2017. The Company is focused on implementing business deals that have been announced and we believe that as they are deployed they will have a material positive impact to our transactional revenues,” said Andre Itwaru, Chairman and CEO of First Global.


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.

SOURCE First Global Data Limited