FIRST GLOBAL AND SELECTCORE FORM JV TO CREATE A FULL SUITE FINTECH BUSINESS MODEL
First Global Data Ltd. (FGD.C) has entered into a letter of intent to create a joint venture with Selectcore Ltd (SCG.V).
The joint venture will combine the synergistic assets of both organizations to offer a full suite of payment services unmatched in the Canadian marketplace. This includes prepaid card, mobile, on-line and international payments.
The joint venture will be limited to the Canadian marketplace and will focus on providing governments, retailers, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities.
First Global will inject $600,000 of float capital as required and shall own 51 per cent of the joint venture. Revenues will be shared between the two companies on a 50/50 basis.
"The combination of Selectcore's technology and ability to issue prepaid cards, their existing business with government organizations, along with First Global's international payments licences, global reach and mobile payment technology, provides an unparalleled combination of abilities and opportunities in the fintech sector. The combined strengths create a massive bandwidth of comprehensive fintech payment services which are unequalled in Canada," said Andre Itwaru, chairman and chief executive officer of First Global.
About First Global
First Global is an international financial services technology company. The company's two main lines of business are mobile payments and cross-border payments.
Established in 1999, Selectcore is a leading prepaid financial services provider and transaction processor for underbanked and underserved markets.