First Global Signs Landmark Remittance Program with LianLian Pay

First Global Data (TSXV:FGD) has announced that it has signed a definitive agreement with LianLian Pay.
As quoted in the press release:

The Company’s Executives attended the official signing ceremony of the world’s first cross border messaging remittance solution in Hangzhou, China with members of the Executive team at LianLian in full attendance.
Much enthusiasm and optimism was expressed and LianLian is launching into a phased marketing approach with accelerations expected after the initial month of launch.
An initial US State will be used as a pilot and a core group of WeChat Remittance users will serve as a vanguard for the initiative.
The remittance paradigm has been aptly named “Happy Transfer”. The stated mission is to ensure cross border remittance leadership in pricing, convenience, speed of send and ease of use. All of the foregoing is intended to create happy users.
One of the notable features of the remittance solution is the comparison pricing engine that shows in a transparent fashion the cost savings as compared to peer companies in the cross border space.
The level of compliance on both companies is onerous, however, the process has been rendered into a seamless and streamlined transaction that satisfies risk management criteria and goes above and beyond regulatory best practices.
LianLian and First Global are contemplating expanding the social messaging remittance solution beyond the North American segment in order to capture a wider geographic distribution base of WeChat users.
Ken Zheng, COO of LianLian Pay states, “We spent three intensive, strenuous and sleepless months to get this project launched from just an inspired idea to a whole set of indigenous systems, comprehensive AML and risk control mechanism and seamless user experience. We are undoubtedly confident in the potential and future size of the remittance market, but it is both teams’ commitment and dedication that gives me the ultimate faith in the prosperity of this business”.

Click here to read the full press release.