Fintech Select Provides Corporate Update

Concord, Ontario, CANADA

TORONTO, April 19, 2021 (GLOBE NEWSWIRE) -- Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V: FTEC) is pleased to update shareholders on its financial payment solutions that complement its existing portfolio, and provide an update in terms of its ongoing business.

New Online Payment Platform

In regards to the acquired online payment platform (the “Solution”), the Company has completed and is now testing its white-labeled version of such Solution.

The delay in completing the white-label version came as a result of the considerable volume of code require. The uploading of such code to the Company’s systems took longer than expected on account of the Company’s in-house IT staff having to build a high-capability ecosystem in which to house it. The Solution includes Ecommerce processing, corporate disbursement, and remittances. It allows individuals and businesses to perform many functionalities, including but not limited to, registering and creating their own e-wallets, request and send money, mobile payments, shopping cart integration, mass pay, and loading and unloading different currencies (including cryptocurrencies) through bank transfers, open or closed loop cards, bank wires, or through direct debit. This comes on the heels of the Company having recently registered as a Canadian Money Service Business (MSB) with FINTRAC.

Raseed Update

The Company is also pleased to announce progress on its project with Raseed, the Company’s JV partner in Libya (“Raseed”). The Company has completed the development of its POS solution (the “POS Solution”) on an A90 Wireless Smart Android POS (“Smart POS”). The Smart POS has been implemented for Raseed’s first customer, Sawf Aljin bank and Raseed has requested another 100 POS terminals to be shipped, which the Company has already fulfilled. The 100 new Smart POS terminal request will be implemented for a new customer and other local merchant locations.

POS Selectcoin

The Company is also pleased to update on its POS Selectcoin platform. The Company has decided to re-build this platform based on the latest POS software technology, using Android POS instead of the old Verifone VX POS terminals. The Company’s in-house IT staff has already started working on the required migration and believes this will be completed within six to eight weeks. The Company has also added more features to the solution that allow cardholders and e-wallet owners to spend their funds in fiat or crypto at any merchant that has the Company’s POS. We believe that this feature will create a demand for our solution, where customers can use their funds to make payments toward purchases, either online or at physical merchant locations.

“The solutions we continue to develop will have a positive impact on the Company’s leading role in the financial payment solutions sector, and will expand the Company’s footprint globally to help pursue international opportunities” commented Mohammad Abuleil, CEO and President of the Company.

The Company intends to provide a further update on details and availability pertaining to the Solution in due time.


Mohammad Abuleil, President & CEO or
Shelley Alliet @ -

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.