TORONTO, ONTARIO--(Marketwired - Sep 19, 2013) - First Global Data Limited ("First Global" or the "Corporation") (TSX VENTURE:FGD) is pleased to announce that its subsidiary, F1Soft International ("F1Soft"), a private Singapore company, signed a tri-party agreement (the "Agreement") with Bangladesh Commerce Bank (the "Bank") and Hypertag Solutions Ltd. ("Hypertag") to provide the Bank with the Corporation's mobile money and domestic and international remittance software ("Transborder System"). Hypertag is F1Soft's local Bangladesh partner and will be assisting F1Soft and the Corporation in the implementation of the Transborder System.
The Agreement will enable the Bank to utilize the Transborder System to offer online and real-time mobile money services. In addition, the Transborder System will also connect the Bank to international money transfer system and exchange houses in approximately 150 countries thus enabling the Bank to offer domestic and international money remittance services.
The signing ceremony was held at the Bank's head office in Dhaka, Bangladesh which was attended by Mr. Pankaj Kumar, Chief Marketing Officer of F1Soft; Dr, Mohammad Assaduzzaman, Managing Director of the Bank, S.M. Jahangir Akhter, Executive Vice President of the Bank, and Mr, Shofiul Alam, Managing Director of Hypertag.
"The remittance market in Bangladesh has witnessed an exponential growth and migrants are accepting this new mobile money channel for sending money back to their home. F1Soft's capabilities in handling mobile money remittance and payout locations of BD Commerce will provide a totally new platform to receive remittance in Bangladesh," said Pankaj Kumar, Chief Marketing Officer of F1Soft.
"The tie-up with F1Soft will provide an opportunity to extend our services to the Bangladeshi community living abroad by meeting their banking and remittance requirements. We are committed to serving our customers in every possible manner and provide them a seamless banking experience," said S. M. Jahangir Akhter, Executive Vice President of Bangladesh Commerce Bank Ltd.
According to the World Bank Migration and Remittances Factbook, 2011, remittances into Bangladesh were estimated to exceed US $11 Billion. The Corporation's Transborder System will enable the Bank to serve both domestic transactions and to establish a distribution network for inbound international transactions in Bangladesh.
"We are pleased that the Bangladesh Commerce Bank has chosen First Global for its leading edge payments technology," said Andre Itwaru, Chairman of First Global and F1Soft. "Bangladesh is a large and very important strategic market for First Global and this partnership with Bangladesh Commerce Bank is a key next step in our greater strategy for the Bangladesh market and toward our overall strategy to become the world's leading provider of mobile money solutions."
About Bangladesh Commerce Bank Limited
Bangladesh Commerce Bank Ltd. (BCBL), the only "Public-Private Partnership" Commercial Bank in Bangladesh. Bangladesh Commerce Bank Ltd. was established under the Act No-12 of the parliament in 1997. Later on, it was incorporated as a Public Limited Company under the Companies Act, 1994 and commenced its commercial operation on 16 September 1999. At present, the bank is operating with 40 branches covering key areas of the country and intends to open 2 (two) more branches within the year. The bank has taken a new IT strategy, which is aimed at realigning BCB's high business growth with its IT capabilities.
About First Global
First Global Data Limited (TSX VENTURE:FGD), through its international subsidiaries is in the business of delivering online and mobile money services and technology around the world. Services include payments, mobile peer-to-peer transactions, online and mobile payroll and bill payment solutions. First Global also enables its strategic partners and clients around the world with leading edge mobile and online financial service technology. More than 70 financial institutions and other organizations around the world use First Global technology. First Global maintains a strong focus on compliance and holds licenses in the USA, Canada and other regions around the world. The Corporation's electronic transaction infrastructure currently extends to approximately 73 countries worldwide. First Global's goal is to become the global leader in the mobile money and online financial transaction services sector.
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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.