TORONTO, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V:FTEC) is pleased to announce that it signed a non-binding letter of intent (the “LOI”) with Phone Cards Plus (“Phone Cards”) to provide remittance services to Phone Cards’ 22 locations in the Greater Toronto Area through the Company’s Joint Venture Partner; First Global Data Limited (TSX-V:FGD) (“FGD”) which is a licensed Money Transmitter. As per the definitive Joint Venture agreement signed between the Company and FGD, the two parties agreed to deploy a number of services within Canada including money remittances. The foreign remittance capability is one of several that Fintech Select will be working on launching together with FGD. Fintech Select expects to sign a definitive agreement with Phone Cards by end of October 2017 to commence the rollout of the foreign remittance platform.
“We believe that this is a tremendous first step for Fintech Select and FGD in their joint venture to jointly penetrate the foreign remittance market to drive transactional revenues. We also believe that Phone Cards’ locations can be utilized as part of Fintech Select’s going forward strategy as we move more toward our crypto currency initiatives through the strong infrastructure we have developed in the past years,” stated Mohammad Abuleil, President and CEO of the Company.
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive Pre-Paid Card programs, mobile banking solutions and Cryptocurrency technologies. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Fintech Select also operates an international call centre that provides fulfillment and customer service support to customers across all three platforms mentioned. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
For further information please email:
David Vinokurov at davidv@fintechselect.com OR IR@fintechselect.com