FundsTech Corp recently received orders for a series of U.S. card programs in the General Spend, Gift, and Teen markets that will be marketed and deployed to a vast network of retailers in the first quarter of 2008.
The company offers financial services and provides prepaid debit cards to over 1 billion working customers worldwide who do not own bank accounts. This market alone is estimated at over $100 billion annually. The new card allows the employers to replace payroll checks for their un-banked workers, and enables employers to use the card where they now pay their employees in cash. The FundsTech Cash Card can be used anywhere in the world that accepts MasterCard or Visa.
FundsTech Corp installed its prepaid processing platform back in December 2007 at a Vodacom secure facility in Johannesburg, South Africa. Currently, the platform is undergoing certification and will be utilized not only for issuing prepaid cards in South Africa, but many other specified countries in Africa, such as Kenya, Tanzania, Mozambique, and Morocco.
Victoria Vaksman, Executive Vice President of FundsTech Corp, stated, “We have achieved another milestone with the installation of our prepaid platform in Johannesburg that will service the entire African continent. Our first order of business is to complete the certification of the platform and then to deliver an approximate 1.5 million backlog of prepaid cards through our Strategic Partners to their clients. The industry average for prepaid cards is $12 per month per card.”
In the fourth quarter of 2007, the company signed an agreement with Yes!Money to jointly distribute prepaid card programs throughout Europe. Yes!Money has quickly become a leader in the labeled prepaid cards, and the European road haulage industry. Working in fourteen countries throughout Europe, Yes!Money has ten operating centers, more than thirty commercial managers and professional relations with 5,000 customers.
Other news involves the company signing a letter of intent for partnership with Central African Financial Institutions, which will provide a complete debit and credit card processing solution; and FundsTech shareholders received two shares of common stock for each current share they own on 12-31-2007.
David Fann, President and member of the Board of Directors of the Company, said, “The stock split is designed to attract additional individual stockholders, increase the liquidity of the stock and diversify the stockholder base, all of which are in line with our overall growth strategy and shareholder interest.”
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