Mobi724 Solutions and First Global Data Sign MOU to Implement Alternative Payment Solutions

Mobi724 Global Solutions Inc. (CSE:MOS) announced that it has entered into a memorandum of understanding (MOU) with First Global Data Ltd. (TSXV:FGD) for the deployment of First Global’s alternative payment service in the Philippines and in targeted countries in Latin America.
As quoted in the press release:

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.

Marcel Vienneau, CEO of Mobi724, commented:

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.

Andre Itwaru, chairman and CEO of First Global Data, said:

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.

Click here to read the full Mobi724 Global Solutions Inc. (CSE:MOS) press release.