Andre Itwaru of First Global Data (CVE:FGD) says the revenue numbers will be large enough to satisfy even the most hardened fundamental investors
Kal Kotecha | April 21, 2017 | SmallCapPower: Andre Itwaru and his team at First Global Data (TSXV: FGD) have a knack for signing lucrative partnerships, none bigger than the one announced recently with LianLian (Click here to read the press release regarding this partnership).
“First Global has partnered with LianLian Pay to launch a co-branded remittance service that enables Chinese living in the USA and Canada to make person to person international money transfers to China utilizing the social media messaging platform WeChat.”
According to Wikipedia, “WeChat is a social media (instant messaging, commerce and payment services) application developed by Tencent. It was first released in 2011 and by 2016 it was one of the largest standalone messaging apps by monthly active users with over 889 million active users. However, as of 2017, WeChat has not been successful in penetrating international markets outside of China.”
[Editor’s Note: Shares of First Global Data have surged 68% year to date to its current price of $0.84 a share. The Company has had plenty of news flow so far in 2017, which has likely contributed to the increased investor interest. First Global is an international financial services technology company with two main lines of business: mobile payments and cross border payments. First Global’s 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.]
We are pleased to share the interview with President Andre Itwaru on the LianLian deal:
Kal: Andre, congratulations on an epic FinTech partnership.
The scale is indeed staggering–100 million potential users is a large number to comprehend. How long did it take to set up this innovative and disruptive remittance paradigm?
Andre: We met with LianLian in February and have worked steadily since to construct a disruptive mobile money transfer model that leverages China’s largest social messaging platform, WeChat.
Kal: Please explain the mechanics of the money transfer/remittance. Is it that senders will be Chinese outside of China sending money to people in China?
Andre: Simply put within the messaging platform Wechat, an environment is being created whereby users will be able to send money to friends and family in China.
Kal: It sounds like LianLian pay is going to spend money to market this program.
Marketing to 100 million people and a ton of merchant partners and 1000 Outplacement Employment Agencies sounds intense.
Andre: LianLian is committed, that’s clear. The remittance metrics are highly lucrative and therefore it’s worth spending some big dollars on marketing.
Kal: It’s interesting that FGD lands a deal like this notwithstanding being a small Canadian FinTech enterprise.
Andre: FGD is a nimble organization and we are able to move quickly. For example, we were competing with three much larger enterprises for the LianLian businesses. At First Global we don’t suffer from layers of hierarchy or bureaucracy and therefore we are able to accelerate while others are standing still.
Kal: How lucrative could this deal be for FGD?
Andre: Let’s just say at even a 1% penetration on a monthly recurring basis, the revenue numbers will be large enough to satisfy even the most hardened fundamental investors.
Kal: Do you expect any more large and pleasant surprises from China?
Andre: You can expect to see many more partnerships globally. While China has become the de facto Global FinTech leader, there is much geography we are looking to cover and penetrate. We have a full blown user aggregation strategy in play and we are going after large numbers regardless of the geographic region.
Kal: Wow. Andre, you are indeed one of the most ambitious and proactive Ceos I’ve come across in a very long time. So tell us Andre, what is your ‘secret sauce’? Why are all these companies so willing to partner with FGD?
Andre: We have an incredible FinTech suite of capabilities that we have brought together to create a high value proposition for our many global partners.
Kal: So it’s clear to see FGD has the FinTech goods. Andre, you are doing a good job for your company and its’ shareholders. Keep up the good work!
Best of luck and let’s talk again soon.
We are looking forward to keeping you informed on future news and partnerships First Global announces.
First Global is an advertiser, I have been compensated by them. I am biased. Do you own thorough due diligence.
Kal Kotecha, PhD, is the editor and founder of the Junior Gold Report and TechMoney360. The scope of his current activities include worldwide onsite analyses and reporting of developing companies. He has previously held leadership positions with many junior mining companies.
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