Toronto’s First Global Lands Payment Deal with Chinese Tech Firm
Toronto-headquartered First Global Data Ltd.'s wholly owned U.S. subsidiary, First Global Money Inc., has entered into an agreement with Tenpay Payment Technology Co. Ltd., a subsidiary of China's Tencent Holdings. Tenpay is a leading payment platform that provides cross-border, online and off-line payment service to global users. Tencent also owns WeChat, a social messaging platform which has close to one billion users registered globally, and WeChat Pay, which is the mobile payment service embedded in the WeChat social messaging service that Tenpay operates. As part of the agreement, First Global will work closely with Tencent to expand merchant processing and settlement services in the United States. The service will enable existing WeChat users to make payments from their WeChat mobile wallet at retailers and merchants located in the U.S.