First Global Data Limited announced that it has entered into a Letter of Intent to create a Joint Venture with Selectcore Limited. The JV will combine the synergistic assets of both organizations to offer a full suite of payment services unmatched in the Canadian marketplace. This includes prepaid card, mobile, online and international payments.

The JV will be limited to the Canadian marketplace and will focus on providing governments, retailers, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities. First Global will inject CAD 600,000 of float capital as required, and shall own 51% of the JV. Revenues will be shared between the two companies on a 50/50 basis.