First Global granted 2 U.S. money transmitter licences

Alpha Stox July 25, 2017 Comments Off
First Global granted 2 U.S. money transmitter licences

Mr. Andre Itwaru reports


First Global Data Ltd.’s wholly owned U.S. subsidiary, First Global Money Inc., has been granted two new money transmitter licenses in the United States in Pennsylvania and Rhode Island.

The company now has 22 licences and two certificates of authority which enable it to conduct money transmitter services in a total of 24 U.S. states.

Licences are accompanied with associated regulatory guidelines in each state which the company is obligated to meet to provide services. First Global’s systems are designed to incorporate the regulatory guidelines in each state to ensure compliance.

These licences enable the company to expand its reach in the U.S. for domestic and cross-border remittances and payments. Expansion of reach through licences increases the company’s accessible market and provides the company with an opportunity to increase transactional revenues. The states of Pennsylvania and Rhode Island have a combined population of approximately 13 million.

“We are very pleased to have obtained these two new state licences. Obtaining and maintaining licences is not an easy task. Among other things, we are required to demonstrate consistent adherence to regulatory guidelines, some of which vary significantly from state to state. We believe that licences are a valuable foundation and that as time progresses, more and more financial and payment services in the U.S. and around the world will be regulated. We have chosen to take the more difficult route of obtaining licences and believe that it is an investment toward the future for First Global as the company continues its journey to increase per-transaction revenues,” said Andre Itwaru, chairman and chief executive officer of First Global Data.

The company would also like to announce that it has set the date for its annual general meeting to Sept. 21, 2017. The AGM is expected to occur in Toronto. Notice of the time and location will be provided to shareholders in accordance with applicable Canadian securities laws.

About First Global Data Ltd.

First Global is an international financial services technology 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 its leading-edge financial services technology platform.

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