Fintech Select Provides Corporate Update
19 April 2021 - 9:00PM
Fintech Select Ltd. (“
Fintech Select” or the
“
Company”) (TSX-V: FTEC) is pleased to update
shareholders on its financial payment solutions that complement its
existing portfolio, and provide an update in terms of its ongoing
business.
New Online Payment Platform
In regards to the acquired online payment
platform (the “Solution”), the Company has
completed and is now testing its white-labeled version of such
Solution.
The delay in completing the white-label version
came as a result of the considerable volume of code require. The
uploading of such code to the Company’s systems took longer than
expected on account of the Company’s in-house IT staff having to
build a high-capability ecosystem in which to house it. The
Solution includes Ecommerce processing, corporate disbursement, and
remittances. It allows individuals and businesses to perform many
functionalities, including but not limited to, registering and
creating their own e-wallets, request and send money, mobile
payments, shopping cart integration, mass pay, and loading and
unloading different currencies (including cryptocurrencies) through
bank transfers, open or closed loop cards, bank wires, or through
direct debit. This comes on the heels of the Company having
recently registered as a Canadian Money Service Business (MSB) with
FINTRAC.
Raseed Update
The Company is also pleased to announce progress
on its project with Raseed, the Company’s JV partner in Libya
(“Raseed”). The Company has completed the
development of its POS solution (the “POS
Solution”) on an A90 Wireless Smart Android POS
(“Smart POS”). The Smart POS has been implemented
for Raseed’s first customer, Sawf Aljin bank and Raseed has
requested another 100 POS terminals to be shipped, which the
Company has already fulfilled. The 100 new Smart POS terminal
request will be implemented for a new customer and other local
merchant locations.
POS Selectcoin
The Company is also pleased to update on its POS
Selectcoin platform. The Company has decided to re-build this
platform based on the latest POS software technology, using Android
POS instead of the old Verifone VX POS terminals. The Company’s
in-house IT staff has already started working on the required
migration and believes this will be completed within six to eight
weeks. The Company has also added more features to the solution
that allow cardholders and e-wallet owners to spend their funds in
fiat or crypto at any merchant that has the Company’s POS. We
believe that this feature will create a demand for our solution,
where customers can use their funds to make payments toward
purchases, either online or at physical merchant locations.
“The solutions we continue to develop will have
a positive impact on the Company’s leading role in the financial
payment solutions sector, and will expand the Company’s footprint
globally to help pursue international opportunities” commented
Mohammad Abuleil, CEO and President of the Company.
The Company intends to provide a further update
on details and availability pertaining to the Solution in due
time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mohammad Abuleil, President & CEO orShelley Alliet @ -
Investor@fintechselect.com 519-3518647
About Fintech Select Ltd.
Fintech Select is a provider of robust and
disruptive Pre-Paid Card programs and mobile banking solutions.
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 the company’s platforms. Our mission is to provide
customers with choice, convenience and cost-effective ways to
facilitate traditional and crypto financial transactions.
Follow us on:https://www.facebook.com/FintechSelectNeither 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.
Forward Looking
Information:This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Readers are cautioned to not place undue reliance on
forward-looking information. Actual results and developments may
differ materially from those contemplated by these statements. The
statements in this press release are made as of the date of this
release. Fintech undertakes no obligation to comment on analyses,
expectations or statements made by third-parties in respect of its
securities, financial or operating results (as applicable) or
prospects as to the effective implementation of the Solution with
Raseed or future revenue levels from the rollout of the Solution
and other products. Fintech disclaims any intent or obligation to
update publicly any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
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