MONTREAL, Dec. 07, 2017 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. ("MOBI724" or the "Company") (CSE:MOS) (OTCQB:MOBIF), a FinTech leader offering all in one fully integrated EMV Payment, Card-Linked Offers, Digital Marketing and Business Intelligence Solutions, announces that, its subsidiary MOBI724 Asia Inc., has obtained final certification approval from BancNet to launch MOBI724's transaction switch host ("Hosted Platform") with WeePay Payment Processing Corporation ("WEEPAY") in the Philippines for local debit EMV. WEEPAY, is a duly registered Merchant Service Provider of BancNet and has become one of the first Merchant Service Providers to successfully complete BancNet's EMV certification in the Philippines. BancNet is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the largest interbank network in the Philippines in terms of the number of member banks and annual transactions. BancNet serves more than 41 million ATM cardholders of its 114 members financial institutions and affiliates with over 12,000 ATMs and more than 5,000 POS terminals.
Once the integration has been completed, WEEPAY's transition to MOBI724's Hosted Platform will become effective immediately such that all WEEPAY customers will be processed via MOBI724's Hosted Platform. The agreement with WEEPAY is for an initial 3-year term with an automatic 2-year extension. Once integrated, MOBI724's Hosted Platform will enable WEEPAY to be one of the first POS vendors to have a complete EMV solution, thereby conforming itself to the standards required by the Central Bank of the Philippines.
As the transition to EMV is a top priority for banks and merchants alike in the Philippines, the collaboration between WEEPAY and MOBI724 represents an interesting opportunity for financial institutions in the Philippines as it allows them to offer their merchant customers a complete platform which is fully compliant with acquirers' standards in the Philippines.
"We are very pleased to be working with WEEPAY," states Marcel Vienneau, CEO, MOBI724. "By integrating our solutions, we will create a platform that is compliant with all applicable banking standards in the Philippines. We expect that this enhanced platform will provide unique opportunities for our companies to serve numerous new clients in the Philippines and we expect to be generating material revenues from this contract in early Q1 2018."
"We believe that the strong partnership and cooperation between WEEPAY and MOBI724 can definitely bring more opportunities to both our companies and our clients alike in the local payment industry," says Paul L. Wee, Chairman of WEEPAY Payment Processing Corporation.
WEEPAY is a duly registered Merchant Service Provider of Metrobank Card Corporation and BancNet. Our partners enable WEEPAY to accept VISA, MASTERCARD, and China UnionPay credit cards as well as BancNet, MegaLink, and ExpressNet ATM cards through POS terminals. WEEPAY is also an eMerchant Aggregator of BancNet and MegaLink for Online Payments. WEEPAY is authorized to acquire merchants who would like to accept payments via ATM Cards. WEEPAY is backed by a strong holding company - PLW Group of Companies with five core businesses such as stock brokerage; real estate; sales and distribution in telecommunications, mobile, FMCG and electronic consumer goods; pharmaceutical manufacturing and marketing cooperation with multinational companies; and distribution of branded consumer durable products.
We enable smart transactions anywhere
MOBI724, a leader in the FinTech industry based in Montreal (Canada), offers a unique and fully integrated suite of payment, digital marketing and business intelligence solutions with a combined EMV Payment, Card Linked Offers, Digital Marketing & Business Intelligence platform that works on any card and any mobile device. MOBI724's solutions add value to all types of transactions benefiting banks, retailers and cardholders by leveraging available user and purchasing data to increase transaction volumes and spend. MOBI724 provides a turnkey solution to its clients to capture card transactions on any mobile device, at any point of sale or from any payment card. MOBI724 provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to any mobile device and allow its redemption at any point of sales.
Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
For further information about MOBI724, please visit MOBI724.com or contact MOBI724's Investor Relations firm:
Mr. Andreas Curkovic
Proconsul Capital Ltd.
Source: Solutions Globale Mobi724 inc.