TORONTO, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to provide an update on the progress of its project with Raseed, the Company’s JV partner in Libya (“Raseed”). The Company has completed the development of its POS Solution (the “Solution”) on A90 Wireless Smart Android POS (“Smart POS”).
The Solution has been fully tested by Raseed and its flagship customer, Sawf Aljin bank (“Sawf Bank”), and has now moved into production. As of now, Raseed has begun implementing fifty (50) Smart POS terminals received from the Company at Sawf Bank and other local merchant locations.
The Solution is intended to address physical cash shortages at banks where clients cannot withdraw cash as required. It allows local Libyan banks to activate and load closed-loop cards with the funds requested by clients so that they may use the loaded funds at all registered Merchants. The idea is for the Company to provide a closed-loop cards solution that replaces the need for open-loop cards such as MasterCard and Visa.
The Solution also allows merchants to sell wireless top-ups of four local telecommunication companies in Libya thereby generating more potential revenue for each of the merchants, Raseed and the Company.
“We believe that the success of implementing this new Solution at the Sawf Bank will open the door for more opportunities to bring local banks on board” said Chief Executive Officer Mohammed Abuleil.
The Company intends to provide a further update on details and availability pertaining to the Solution in due time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mohammad Abuleil, President & CEO or
Shelley Alliet @ - Investor@fintechselect.com
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and mobile banking solutions. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Fintech select also operates an international call centre that provides fulfillment and customer service support to customers across all the company’s platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
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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.
Forward Looking Information:
This news release contains “forward-looking information” within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Fintech undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of its securities, financial or operating results (as applicable) or prospects as to the effective implementation of the Solution with Raseed or future revenue levels from the rollout of the Solution and other products. Fintech disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.