First Global Data Limited
TSX VENTURE : FGD

September 13, 2013 09:00 ET

First Global Data Announces Agreement to Provide Mobile Money Service to Western Union and Nabil Bank

TORONTO, ONTARIO--(Marketwired - Sept. 13, 2013) - First Global Data Limited (the "Corporation")(TSX VENTURE:FGD) is pleased to announce that on September 3, 2013 FonePay Pvt Ltd. ("FonePay"), a private Nepalese company which is a wholly owned subsidiary of F1 Soft International Pvt. Ltd. ("F1 Soft"), disseminated a press release (the "Press Release") announcing that The Western Union Company ("Western Union") launched a mobile money transfer service in Nepal using First Global's mobile money technology and the infrastructure of FonePay. Pursuant to the Press Release, the partnership between Western Union, FonePay and Nabil Bank Limited allows Western Union to deliver mobile money transfer service in Nepal and will enable consumers from over 200 countries and territories to send money via Western Union directly into a mobile wallet in Nepal. FonePay's more than 200,000 registered mobile wallet users in Nepal under the brand eSewa will be able to enjoy this service immediately.

Pursuant to the Corporation's press release dated April 2, 2013, the Corporation and F1 Soft entered into a share purchase agreement (the "Agreement") whereby F1 Soft will become a subsidiary of the Corporation.

Consumers in Nepal who subscribe to an eSewa mobile wallet can now choose to receive money sent in minutes from Western Union agent locations and digital channels around the world using their mobile phones; or through eSewa's web interface - www.esewa.com.np. The new offering complements Western Union services offered through its retail agent network of more than 5,600 locations in Nepal, as of June 30, 2013.

"We are proud that FonePay is part of the collaboration between Western Union and Nabil Bank, to deliver a new and unique money transfer service to the Nepalese community," said Asgar Ali, CEO of FonePay Pvt. Ltd. "As the demand for mobile solutions continues to grow, enabling international mobile remittances will help address evolving customer needs in a timely, efficient and proactive manner."

eSewa wallet users can cash out their money from any of the 1,200 direct and subagent locations of Nabil Bank or over 300 cash-out enabled eSewa zones in Nepal with some of them open beyond traditional business hours and on weekends. The mobile account balance may also be used for local fund transfers, utility payments, airtime topups, purchasing goods/services at "eSewa accepted" websites etc.

There has been a growing need for Nepalese overseas to send money to support their families back home, with remittance inflows to Nepal grew from USD4.2 billion in 2011 to USD4.9 billion in 2012. Remittances make up 22% of the country's GDP in 2011 (source - the World Bank).

"This initiative with Western Union, a world leader in the global payments services sector is very significant for First Global," said Andre Itwaru, Chairman of First Global, F1Soft and FonePay. "It validates our strategy and positioning to become the world's leading provider of mobile money solutions. First Global has enabled more than 70 banks, financial institutions and other organizations worldwide with our technology and will continue its plan to deploy mobile money solutions on a country by country basis around the world."

About FonePay and eSewa

FonePay Pvt. Ltd is a leading mobile financial services and e-commerce company in Nepal. It specializes in providing digital payment and money transfer solutions via mobile and/or Internet. Targeting the banked customers, it provides a proprietary network of more than 30+ national banks in Nepal and offers interbank fund transfer and shared merchant payments where fund can be easily moved from one bank to another bank via mobile phone or Internet. For unbanked economy, it hosts a shared wallet, 'eSewa' and offers customers to receive, pay and send money digitally. eSewa is a digital payment portal in Nepal developed by F1 Soft International and owned by FonePay to facilitate financial transactions via the web-based or mobile-based services. It has more than 31 valued member banks in its network.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

Contact Information