3 Oct 2019 07:00
3 October 2019
Finablr PLC (the 'Company')
Finablr and Samsung Pay announce cross border payments partnership
Finablr PLC, a global platform for payments, and Samsung Electronics America, today announce the launch of the Money Transfer feature in Samsung Pay.
This new in-app international money transfer service offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung's native mobile wallet.
Money Transfer in Samsung Pay is available now in the US and will be expanded to further markets in 2020.
Promoth Manghat, Group Chief Executive Officer at Finablr PLC, commented:
"We are delighted to be partnering with Samsung to launch the new in-app Money Transfer service. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation worldwide, in line with the strategic and financial outlook provided for our B2B and Payments Technology Solutions business at the time of IPO. Combining our industry-leading network and pioneering technology with Samsung's leadership in the mobile device market allows us to drive innovation at a scale that is unique in the US$127 trillion global cross border payments market. The launch of this product advances our mission to meet the needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.
About Finablr B2B and Payments Technology Solutions
Offering Fintech at scale, Finablr empowers large payments ecosystems through its integrated technology, omni-channel distribution capabilities and global licensing, enabling clients such as payments and technology companies, mobile wallet operators and financial institutions, among others, to run seamless, secure and scalable payment technology solutions.
The Group's B2B & Payment Technology Solutions segment processed transactions with a U.S. dollar equivalent value of approximately U.S.$58.2 billion in the year ended 31 December 2018. In 2018, the B2B & Payment Technology Solutions segment's adjusted income was U.S.$278.6 million, and its segment profit was U.S.$105.0 million, or 35.7 per cent. of the total segments' profit. In the six months to June 30 2019, the segment processed transactions with a U.S dollar equivalent value of approximately U.S.$36.1bn; reported adjusted income of U.S.$161million, adjusted EBITDA of U.S.$ 60.3mn, and an EBITDA margin of 37.4%.
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ENQUIRIES
Finablr
Ryan Ayache, Head of Investor Relations +971 56 681 53 21
Faiz Akbar Habib, Head of Group Communications +971 52 623 11 13 / +44 7912 895375
Brunswick Group
Gill Ackers, Diana Vaughton +44 207 404 5959
ABOUT FINABLR
Finablr (www.finablr.com) is a global platform which provides Cross-Border Payments and Consumer Solutions, Consumer Foreign Exchange Solutions and B2B and Payment Technology Solutions to consumers and businesses in the large and growing payments and foreign exchange market. In the year ended 31 December 2018, Finablr processed more than 150million transactions and the U.S. dollar equivalent of US$114.5billion in volumes, touching over a billion lives. As at 31st December 2018, the Group had more than 23million retail customers and was serving over 1,500 corporate and institutional partners, including banks, financial institutions, supermarkets, foreign exchange specialists, mobile wallet operators and payments and technology companies such as Google India and WeChat Pay.
CAUTIONARY STATEMENT
This announcement may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts.
These forward-looking statements and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Finablr group (the "Group"). Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Important factors that could cause the Group's actual results to so vary include, but are not limited to: global and regional economic, social and political changes; fluctuations in foreign exchange rates; rapid technological changes in the financial services market; actions taken by the Group's competitors, such as consolidation of key competitors; the loss of a trademark or diminution in the perceived quality associated with the Group's brands; new or existing legal, regulatory and licensing requirements, including anti-money laundering, sanctions and anti-bribery laws; status of operations of the Group's computer and communication systems, including the its proprietary processing platforms, as well as third-party systems; and actions of the Group's agents and third-party partners and service providers.
Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.