First Global Perfectly Positioned for India’s Move to Increase Cashless Transactions

First Global Data Limited-First Global Perfectly Positioned for
First Global Data Limited (CNW Group/First Global Data Limited)

TSX Venture Exchange: FGD

TORONTO, Nov. 11, 2016 /CNW/ – First Global Data Limited (“First Global” or the “Company”) is pleased to comment on the recent decision by Indian Prime Minister Narendra Modi to eliminate Rs 500 ($7.5) and Rs 1000 ($15) notes.

Of late, the Indian government has been making several moves to encourage digital transactions. This is another such move. One of the expected consequences, whether intended or otherwise, is an increase in cashless transactions. More consumers will be forced to transact digitally via mobile wallets.

“Prime Minister Modi made a bold and admirable move toward his Digital India vision” said First Global’s Chairman, Mr. Andre Itwaru. “This decision is positive for the country and is perfect for First Global. We recently announced that our India subsidiary, MSEWA Software Solution Private Limited (“MSEWA”), launched the Company’s mobile payment service with one of India’s largest government owned banks, Vijaya Bank, under the “VPayQwik™” brand.”

“This decision by Prime Minister Modi could not have come at a better time” added Mr. Itwaru. “We expect that it will serve to increase the number of consumers downloading and using VPayQwik™. It is gratifying to see that our Company is at the right place, at the right time, with the right technology to take advantage of this global financial services paradigm shift.”

About First Global

First Global is an international financial services technology (FINTECH) company operating in the payments sector. The Company’s two main lines of business are mobile payments and international money transfers. First Global’s proprietary leading edge technology core enables the convergence of compliant domestic and cross border mobile and online payments, money transfers, shopping and peer to peer services. First Global enables its strategic partners and clients around the world with its leading edge financial services technology platform.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation’s periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.