TORONTO, July 09, 2019 (GLOBE NEWSWIRE) — Fintech Select Ltd. (“Fintech Select” or the “Company”) (FTEC.V) is pleased to announce that it has commenced working on its inaugural project with Raseed, the Company’s Joint Venture partner in Libya (“Raseed”).
The project is to provide a Prepaid closed-loop card solution (“Solution”) to a regional Libyan bank (“Bank”), one of Raseed’s customers, to serve around 20,000 clients at almost 100 POS locations. The Solution will allow the Bank’s clients to load funds on their cards which can then be used within the POS closed network.
This solution is very similar to the “Green Dot reload network” system, whereby prepaid cardholders can be loaded at multiple participating retailers via their point of sale (POS). The ease of reloading a prepaid card is important as it stimulates ongoing usage, of which convenient is a major factor for the cardholder.
The Company has printed and received the 20,000 prepaid cards, and has been modifying its existing prepaid platform to accommodate the extra features and options requested by the Bank. The Company anticipates completing its implementation of the Solution at the Bank in the very near future.
One of the unique features of this prepaid card is the ability to buy and sell cryptocurrency if the bank should decide to offer this functionality. This POS software is also poised to enter the U.S. market and would be one of the first if not the first to offer the ability to buy and sell cryptocurrency via a POS rather than via and ATM.
Mohammad Abuleil, President and CEO of Fintech Select, issued the following comment, “We are very excited about this Joint Venture relationship with Raseed, that was signed on May 21, 2019, as it has allowed us to establish a new revenue stream outside Canada by utilizing our technologies and solutions based on a revenue share model”.
Overview by Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group