Fintech Select Ltd. Enters Into A Binding Letter Of Intent For Joint Venture With Raseed In Libya
TORONTO, Feb. 08, 2019 (GLOBE NEWSWIRE) — Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to announce that it has signed a binding letter of intent (the “LOI”) with Raseed (“Raseed”), a Libyan company, to form a joint venture (“JV”) between the two companies related to financial payment services.
Raseed is a service provider specialized in software solutions to banks, telecom companies and utility service providers in Libya that has a vision to help modernize the country’s financial services and telecom sectors by bringing such up to international standards.
The JV will allow Fintech Select to provide Raseed with a full suite of financial payment services in the Libyan marketplace. This includes prepaid card, e-wallet services along with bill, mobile, online and international payments. The JV will focus on providing the government, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities.
The parties have agreed to use their reasonable best efforts to settle a definitive agreement within thirty (30) days and may extend this period by mutual consent.
“We believe that there is tremendous opportunity in the Libyan market including unprecedented growth prospects for Fintech Select through its partnership with Raseed. We believe that this joint venture will open new avenues and business opportunities for both organizations through their combined technologies and efforts” stated Mohammad Abuleil, President and CEO of Fintech Select.
Dr. Omar Shuran, President of Raseed, added “Raseed is very excited to be partnering with Fintech Select to provide innovative financial payment technology solutions to our strategic customers in Libya”.
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 three platforms mentioned. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
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.