First Global Achieves More Than 1 Million Users and Provides Corporate Update

First Global Data (“First Global” or the “Company”) (TSXV:FGD) is very pleased to announce that it has exceeded 1 million users, and would like to provide the following corporate update.

Annual General Meeting:

On October 26, 2017 the Company conducted its Annual General Meeting (“AGM”). The meeting was well attended with a record number of shareholders in attendance. The Company’s Chairman and CEO, Mr. Andre Itwaru presented the Company’s corporate overview, lines of business, corporate strategy, objectives and direction.

Mr. Itwaru shared that the Company’s corporate strategy includes a three-phased approach. Firstly, the Company partners with large strategic organizations which have an embedded customer base. Secondly, it works with its strategic partners to penetrate that embedded customer base by encouraging them to download the mobile app/register. Thirdly, the Company works with its partners to encourage those customers to use one or many of the services offered to drive revenues.

The Company’s current objectives include:

1. Customer Acquisiton: by leveraging partners’ base of existing users
2. Penetrating: 1 Million Active Users
3. Monetizing: Drive annual revenue per user (“ARPU”) to $280
4. Continue to increase profitability
5. Increase customer penetration beyond 1 Million
6. Duplicate model in each corridor and every deploy

Mr. Ken Zheng , Chief Operating Officer of one of the Company’s China based strategic partners, Lianlian Pay presented Lianlian and shared that Lianlian:

1. Is the 4^th largest mobile payment service provider in China
2. Has a customer base of 150 million registered users
3. Has 10,000+ online merchants
4. Has processed in excess of US$ 80 Billion in transactions to date in 2017

Mr. Zheng demonstrated the world’s first social messaging based cross border remittance service which has been launched in partnership between Lianlian Pay and First Global on the WeChat messaging platform. Mr. Zheng also shared his views on the growth and potential of the partnership with First Global. The presentations were quite interactive and there was significant interest by shareholders with many questions and answers. Presentations are available for view at: www.firstglobaldata.com/agm

India Progress and User Base:

First Global is pleased to advise that in India , through its partnership with Vijaya Bank and the VPayqwik mobile wallet offering, the Company has achieved 972,364 users. The company is pleased with this penetration given the short timeframe services have been available in the Indian market. The Company is working with Vijaya Bank to continue increasing the number of users and to drive incremental transactions and revenues per user.

Remittances User Base, Lianlian Pay, and US Licenses:

First Global is pleased to announce that its user base for remittances services in the USA and Canada which includes the Happy Transfer service launched in cooperation with Lianlian Pay has achieved 322,024 users.

Happy Transfer is a service available in the USA on the WeChat social messaging platform. It allows a person in the USA to send money from their mobile phones to a user in China in approximately 9 seconds. The service is the first of its kind in the world. Launch of services occurs on a state-by-state basis. The Company has launched this service in 24 states, continues its launch program into the other 10 states and has been working with Lianlian Pay toward launch in Canada .

In 2017, the Company has increased its US state money transmitter licenses by 13 and continues to work toward achieving all 50 licenses. The full complement of state licenses will enable the Company to offer all of its services country wide in the USA .

AnalytixInsight:

On July 5, 2017 the Company announced that it had entered into a Letter of Intent with Analytixinsight to expand First Global’s mobile payments services across Europe and elsewhere in a revenue sharing model. AnalytixInsight will leverage its partnerships with organizations such as Samsung and Intesa Sanpaolo, to expand First Global’s mobile payments services across Europe and elsewhere as determined by the Parties in a revenue sharing model. Intesa Sanpaolo – one of Italy’s largest banks with a market cap of over €45 billion – has shared ownership in AnalytixInsight’s subsidiary Marketwall. Under the partnership, Intesa Sanpaolo will migrate approximately 8 million mobile banking users in 8,000 retail branches to Marketwall’s mobile platform across five European countries, to provide a range of mobile payment services.

Source: finance.yahoo.com