First Global and Zoompass form payments pact
First Global Data ("First Global" or the "Company") is pleased to announce that it has entered into a Letter of Intent ("LOI") with Zoompass Inc. ("Zoompass"), a wholly-owned subsidiary of Zoompass Holdings Inc, and an OTCQB listed company.
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The companies intend to work together on a variety of initiatives including a) Jointly offering check 21 transaction processing services in the USA for Zoompass and First Global customers. Zoompass estimates the monthly processing volume for its client base to be in the $50 million range; b) Zoompass leveraging First Global's US licenses and compliance capabilities to penetrate specific target demographics for cross border payment services; c) First Global utilizing Zoompass' US prepaid card issuance capabilities to offer prepaid cards to its customers; and d) First Global leveraging the relationship Zoompass has with Canada Post to enable loading of First Global mobile wallets at approximately 6000 Canada Post and Shoppers Drug Mart locations across Canada .
"By leveraging each other's strengths and relationship partners, the mutual business collaboration enables both companies to deliver additional innovative cross referral profitable revenue share opportunities. Together we are stronger and able to provide a full suite of FINTECH solutions to our existing base of clients and partners. This relationship will also help First Global to deploy faster and more aggressively as part of our North American geographic segment strategy", said Andre Itwaru , First Global's Chairman and CEO.
Rob Lee , CEO of ZoomPass, comments: "The union with First Global will give us a more well rounded FINTECH paradigm. We intend to exploit the full suite FINTECH offerings for mutual benefit."