Fintech Select Ltd. (“Fintech Select” or the “Company”) is pleased to update on the progress of its inaugural project with Raseed, the Company’s JV partner in Libya (“Raseed”). Fintech’s new developed solution (the “Solution”) intends to address physical cash shortages at banks where clients cannot withdraw cash as required. The newly-developed Solution consists of three major modules: one is related to the bank (the “Bank”), another to the merchant (the “Merchant”), and the final to the Bank’s clients (the “Client”). These three modules integrate on the back-end through Application Program Interfaces (“APIs”). The developed Solution would then allow the Bank to load closed-loop cards with the funds requested by Clients such that they may use the loaded funds at all registered Merchants to complete purchases. Merchants, for their part, can settle these purchases with reasonable flexibility, with each applicable Bank being able to transfer settled funds into the Merchant’s bank account directly.
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Throughout the course of testing the Solution (as previously announced), the Company’s IT team also developed more features and settlement reports for the Solution that the Company feels have added considerably greater value. On the hardware side, the Company is in the process of replacing its old Verifone POS with an all-new, wireless/SIM card POS running on Android technology that the Company feels is among the leading technologies for POS and tablets and which perhaps, most importantly, better suits the existing internet infrastructure in Libya. The Company’s team is also in the process of developing a new User Interface (the “UI”) and APIs for the new Point-of-Sale (“POS”) used for the Solution that it anticipates completing within the coming weeks. By implementing the Solution as an alternative to open-loop card solutions, the company anticipates utilizing the new POS to generate revenue on a per-transaction basis. The Company is confident that Libya, along with other jurisdictions that are either de-monetizing or have physical cash shortages, presents a promising opportunity.
“We believe that this new Solution will complement and enrich the Company’s existing portfolio of digital and financial payment solutions and ultimately enhance value for our shareholders,” said Chief Executive Officer Mohammed Abuleil.