logo-loader

First Global signs deal in China with “mini Alibaba”

Last updated: 10:58 07 Feb 2017 EST, First published: 05:58 07 Feb 2017 EST

shutterstock_127237127
First Global Data reveals "mini Alibaba" deal

First Global Data Limited (CVE:FGD) shares shot up 10% on Tuesday after the company said it had entered into an agreement to provide business-to-business cross border payment services for China based eGTCP.com, which is owned and operated by the Great Tao E-Commerce Holdings Co. Ltd.

eGTCP is considered a mini Alibaba. It is a leading B2B e-Commerce Integrated Service Platform for Global Trade Supply Chain whose comprehensive product package is called "Gate to China". eGTCP is a business to business brokerage platform that connects vendors of a variety of goods across China to purchasers around the world.

2016 was a year of significant growth for eGTCP having established a base of more than 15,000 vendors.

"eGTCP is a key strategic partner for First Global. They are a fast moving company focused on extending their reach to business purchasers around the world. Our global reach, strategic partnership model and compliant international payments capabilities enables us to add value and drive new revenues from the B2B market segment. This is new frontier for First Global and we believe that the B2B market will generate significant revenues for the Company in the future", said Nayeem Alli, First Global's CFO.

"We are very pleased to be working with eGTCP. The Chinese market dominates the ecommerce landscape, the B2B market is large and growing, and this is a key next step in First Global's evolution. We had historically focused on the P2P and B2C market opportunities, and are very pleased to demonstrate that we are able to deliver services to the B2B markets around the world, as we continue to evolve into a full suite global FINTECH company", said Andre Itwaru, First Global's Chairman and CEO.

First Global shares were up 9.5% at C$0.52 on Tuesday.

Ramp Metals Launches Drilling Program in Pursuit of High-Grade Nickel in...

Ramp Metals CEO Jordan Black joined Steve Darling from Proactive to introduce the company to the public domain and share exciting developments in the mining industry. With a background as a geotechnical engineer and experience in venture capital, including a notable role in taking GoldSpot...

55 minutes ago