Finablr PLC Finablr and Samsung announce partnership (5901O)
03 October 2019 - 4:00PM
UK Regulatory
TIDMFIN
RNS Number : 5901O
Finablr PLC
03 October 2019
3 October 2019
Finablr PLC (the 'Company')
Finablr and Samsung Pay announce cross border payments
partnership
Finablr PLC, a global platform for payments, and Samsung
Electronics America, today announce the launch of the Money
Transfer feature in Samsung Pay.
This new in-app international money transfer service offers
users seamless and secure cross-border payments to 47 countries
through a variety of payout methods, all within Samsung's native
mobile wallet.
Money Transfer in Samsung Pay is available now in the US and
will be expanded to further markets in 2020.
Promoth Manghat, Group Chief Executive Officer at Finablr PLC,
commented:
"We are delighted to be partnering with Samsung to launch the
new in-app Money Transfer service. Underpinned by our integrated
technology platform, this service demonstrates our ability to drive
payments innovation worldwide, in line with the strategic and
financial outlook provided for our B2B and Payments Technology
Solutions business at the time of IPO. Combining our
industry-leading network and pioneering technology with Samsung's
leadership in the mobile device market allows us to drive
innovation at a scale that is unique in the US$127 trillion global
cross border payments market. The launch of this product advances
our mission to meet the needs of financial consumers and further
strengthens our position as a partner of choice for global payments
and technology companies.
About Finablr B2B and Payments Technology Solutions
Offering Fintech at scale, Finablr empowers large payments
ecosystems through its integrated technology, omni-channel
distribution capabilities and global licensing, enabling clients
such as payments and technology companies, mobile wallet operators
and financial institutions, among others, to run seamless, secure
and scalable payment technology solutions.
The Group's B2B & Payment Technology Solutions segment
processed transactions with a U.S. dollar equivalent value of
approximately U.S.$58.2 billion in the year ended 31 December 2018.
In 2018, the B2B & Payment Technology Solutions segment's
adjusted income was U.S.$278.6 million, and its segment profit was
U.S.$105.0 million, or 35.7 per cent. of the total segments'
profit. In the six months to June 30 2019, the segment processed
transactions with a U.S dollar equivalent value of approximately
U.S.$36.1bn; reported adjusted income of U.S.$161million, adjusted
EBITDA of U.S.$ 60.3mn, and an EBITDA margin of 37.4%.
END
ENQUIRIES
Finablr
Ryan Ayache, Head of Investor Relations +971 56 681 53 21
Faiz Akbar Habib, Head of Group Communications +971 52 623 11 13
/ +44 7912 895375
Brunswick Group
Gill Ackers, Diana Vaughton +44 207 404 5959
ABOUT FINABLR
Finablr (www.finablr.com) is a global platform which provides
Cross-Border Payments and Consumer Solutions, Consumer Foreign
Exchange Solutions and B2B and Payment Technology Solutions to
consumers and businesses in the large and growing payments and
foreign exchange market. In the year ended 31 December 2018,
Finablr processed more than 150million transactions and the U.S.
dollar equivalent of US$114.5billion in volumes, touching over a
billion lives. As at 31(st) December 2018, the Group had more than
23million retail customers and was serving over 1,500 corporate and
institutional partners, including banks, financial institutions,
supermarkets, foreign exchange specialists, mobile wallet operators
and payments and technology companies such as Google India and
WeChat Pay.
CAUTIONARY STATEMENT
This announcement may contain forward-looking statements,
including 'forward-looking statements' within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as "believe", "expects", "may",
"will", "could", "should", "shall", "risk", "intends", "estimates",
"aims", "plans", "predicts", "continues", "assumes", "positioned"
or "anticipates" or the negative thereof, other variations thereon
or comparable terminology. These forward-looking statements include
all matters that are not historical facts.
These forward-looking statements and other statements contained
in this document regarding matters that are not historical facts
involve predictions. No assurance can be given that such future
results will be achieved; actual events or results may differ
materially as a result of risks and uncertainties facing the
Finablr group (the "Group"). Such risks and uncertainties could
cause actual results to vary materially from the future results
indicated, expressed or implied in such forward-looking statements.
Important factors that could cause the Group's actual results to so
vary include, but are not limited to: global and regional economic,
social and political changes; fluctuations in foreign exchange
rates; rapid technological changes in the financial services
market; actions taken by the Group's competitors, such as
consolidation of key competitors; the loss of a trademark or
diminution in the perceived quality associated with the Group's
brands; new or existing legal, regulatory and licensing
requirements, including anti-money laundering, sanctions and
anti-bribery laws; status of operations of the Group's computer and
communication systems, including the its proprietary processing
platforms, as well as third-party systems; and actions of the
Group's agents and third-party partners and service providers.
Except as required by any applicable law or regulation, the
Group expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Group's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
This information is provided by RNS, the news service of the
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END
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