TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to update shareholders on its focused efforts to add digital and financial payment solutions that complement its existing portfolio. The idea is to target solutions that can both have a positive impact on its leading role in the financial payment solutions sector as well as to expand the Company’s footprint globally to better pursue international opportunities.

To begin, the Company is pleased with its progress integrating an acquired online platform that was previously announced. The Company expects that this integration will soon allow clients to register online or through a mobile app to create their own e-wallet. Functionalities include loading different currencies (including crypto) and transferring funds to other clients on both an intra or cross-platform basis. The Company is also positive about progress on its closed-loop card system for its partner in Libya, Raseed. The Company is particularly optimistic that this partnership will open doors to scaling its closed-loop card solution globally for other opportunities where open-loop solutions are unavailable. The Company is actively pursuing a number of opportunities to this end and will be pleased to report upon any material developments.  

One of the primary objectives in the Company’s focus on integrating an array of complementary solutions is cross-fertilization. For instance, as the Company grows its customer base on the online payment platform, its intention is to then promote its open-loop prepaid cards or closed-loop cards to those same customers, subject to applicable privacy and other legal concerns.

As the Company looks to increase its scale to better pursue the above opportunities, management and the board are also actively reviewing strategic opportunities to fund such growth (whether internally or externally) and will also report on upon material any development.

“As a company, we are committed and excited to play a leading role in the financial payment solutions sector by integrating our payment services portfolio that strengthens our representation and allows us to penetrate local and global markets,” stated Mr. Mohammad Abuleil, Chief Executive Officer of the Company.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mohammad Abuleil, President & CEO or
Shelley Alliet @ - Investor@fintechselect.com
519-3518647

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 of the Company’s  platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional 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 online platform integration or its solution with Raseed. 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.