First Global Data Ltd. (TSXV:$FGD) announces that it has exceeded 1 million users. Based on this announcement, it would further like to provide a current corporate update listing the company’s accomplishments thus far, and its plans for the future.
At the Annual General Meeting, held in October 2017, the corporate overview, lines of business, corporate strategy, and objectives and direction were outlined for shareholders.
The corporate strategy was explained and would include the Company partners who have large strategic organizations with an embedded customer base. By working with these partners, the Company would advance itself into that customer base and encourage the customers to either download the mobile app or to register with the company, subsequently encouraging them to use one, or more, of the services, offered. This approach would help to drive revenues.
The current objectives were outlined as:
- Customer acquisition, by leveraging partners’ base of existing users
- Penetrating 1 million active users (which they have now done)
- Monetizing, by driving annual revenue per user (“ARPU”) to $280
- Continuing to increase profitability
- Increasing customer penetration beyond the 1 million
- Having a duplicate model in each corridor and every deploy
First Global has worked with one of its China-based strategic partners, Lianlian Pay, to launch the world’s first social messaging-based cross-border remittance service. The service was launched on the WeChat messaging platform and was demonstrated by Ken Zheng, a Chief Operating Officer for Lianlian Pay. This, and the potential growth and further partnership between the companies, garnered much interest among shareholders.
First Global has also announced that in India, through its partnership with Vijaya Bank and the VPayqwik mobile wallet offering, the Company was able to achieve 972,364 users, an especial pleasure for the Company as they have not been in the Indian market for long. They continue to work on increasing these numbers.
A further 322,024 users were gained from First Global’s partnered-launched Happy Transfer service in the US. Available on the WeChat social messaging platform, Happy Transfer allows a user in the US to send money from their mobile phone to a user in China, all in about 9 seconds. The first of its kind, Happy Transfer has launched in 24 states in the US, with a further 10 states as well as Canadian launches on the books.
Earlier in the year, First Global entered into a Letter of Intent with Analytixinsight (TSXV:$ALY) to expand its mobile payments services across Europe and beyond in a revenue-sharing model. First Global is actively working with Analytixinsight to come to a definitive agreement, with hopes of sending project teams for service deployment in Q1 of 2018.
First Global has also entered into a Binding Memorandum of Understanding with China Smartplay (HK: 8325) to deliver cross-border payment solutions for Chinese vacation travelers as well as students studying overseas. This agreement is being actively worked on and is currently set to launch sometime in February of next year.
About First Global
First Global is an international financial services technology company, focusing on mobile payments and cross-border payments. First Global’s proprietary leading-edge technology enables the convergence of compliant domestic and cross-border payments, shopping, Peer to Peer (“P2P”), Business to Consumer (“B2C”), and Business to Business (“B2B”) payments.
Featured Image: twitter
