June 20, 2017
First Global's new social messaging remittance service may be a world first
TORONTO--First Global Data is claiming the world's first and only bona fide social messaging remittance solution has been launched. The first phase of the service enables North American WeChat users to send money directly to a recipient in China. Funds are disbursed directly to the recipient's bank card/bank account at any bank in China.
The social remittance solution, called "Happy Transfer", addresses user experience as it relates to convenience, speed of send, ease of use, and pricing. One of the notable features of the remittance solution is the comparison pricing engine that shows in a transparent fashion the cost savings as compared with peer companies in the cross-border space.
Following the launch in Illinois, other states are expected to be rolled out within 10 days, with a phased approach to encompass all 50 States. LianLian will be strategically marketing to Chinese communities within the WeChat platform as well as localized in-State marketing and employing targeted social media techniques. The companies are working toward a full USA rollout within a 120 day timeframe.
LianLian and First Global are contemplating expanding the social messaging remittance solution beyond the North American market in order to capture a wider geographic distribution base of WeChat users.
First Global is also pleased to announce that user growth continues to accelerate in India and the VPayqwik app has over 500,000 downloads.
Other actions are being taken for further deployments in India and we will apprise our investors in due course.
"LianLian is heavily committed to marketing this initiative given the first mover advantage and compelling pricing model. We expect immediate user traction and accelerated ramping as we move through State to State coverage. The global Chinese remittance market is in excess of $60 billion dollars annually and is second only to India. We look forward to amplifying our fundamentals as we execute on the LianLian US deployment and continue to drive user adoption in India. We are also very pleased to have crossed this milestone in India and look forward to deeper and wider penetration of our services in India", commentedAndre Itwaru, Chairman and CEO of First Global.
Lianlian Pay is the fourth largest non-banking third-party payment service provider in China, with transaction volume exceeding $50 Billion in 2016. Fast-growing, innovation-oriented and highly-adaptive, Lianlian Pay, as one of the top licensed mobile payment companies in China, has been priding itself in focusing on and excelling at providing all-in-one payment solution in the form of CUP cards mobile payment, cross-border payment and settlement, RMB and foreign currency disbursement, and international remittance services etc. for tens of millions of individual customers and thousands of merchants and partners.
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are 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. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.