OVERLAND PARK, KS — (Marketwire) — 07/15/11 — Flint Telecom Group, Inc. () (OTCBB: FLTT), an international telecom technology and financial processing organization, today announces that its Australian joint venture Remit2Vietnam Pty. Ltd, (“R2V”) has successfully launched its Vietnam Remittance Program (“Program”) with the recent signing of First Joint Stock Commercial Bank (“Ficombank”) in Vietnam. Under the agreement Ficombank will work closely with R2V to offer the innovative international remittance services to its customers within Vietnam and to Vietnamese communities in the United States and Australia.
Signing the first Vietnamese bank launches the Program, directed at over 1.6 million Vietnamese living in the United States and approximately 300,000 living in Australia, as well as the millions of Vietnamese that receive remittances into Vietnam. The Program is targeted to capture a significant portion of the rapidly growing $8.2 billion dollars currently remitted to Vietnam annually. Ficombank announced the agreement and launch of the services on its web site () and is initially promoting the program with its current account holders and with further announcements in the local media.
Under the Program Flint will provide all of the necessary transaction processing services for the cards issued to Ficombank customers, receiving a fee for every customer transaction. Flint will also jointly manage the marketing, sales and operations of the Program with R2V in the United States and Vietnam. R2V is providing the necessary capital to meet the Program costs associated with sales and distribution efforts along with the costs of issuing the prepaid debit cards to the Vietnamese in the United States and Australia.
Mr. Nguyen Ngoc Thinh, General Director of Ficombank, said, “This program will help extend the reach of Ficombank into the United States and Australian markets while giving Ficombank-s customers the benefits of low cost, convenient, bank protected international money transfers from the U.S. and Australia into Vietnam.”
Mr. Rowlison, Chief Operating Officer of R2V, stated, “We look forward to working with our new partners in Vietnam and with the Vietnamese communities in the United States and Australia. This is an important first project for us in Vietnam and the first in a number of initiatives underway. As I have previously stated, we believe we can capture 5% of this remittance market quickly with increases in market share thereafter.”
Mr. Quang Nguyen, Chief Marketing Officer of R2V, stated, “It is a great opportunity for Vietnamese living overseas to enjoy convenient remittance services 24/7 everyday with one of the lowest cost of money transfer in the market with remarkable features such as instant money transfer from card-to-card with high safety and security.”
Mr. Abu Karim, R2V CEO and Flint-s President of Financial Processing Services for Asia Pacific, stated, “We are extremely pleased to be working with Ficombank and adding them to our growing global network of banking partners for prepaid debit card and innovative card-to-card international remittance programs. Ficombank clearly sees this Program as key to them capturing a share of this large and growing market and we look forward to partnering with such a vibrant and innovative company moving forward. If R2V achieve its stated market targets then Flint will be processing approximately $400 million of transactions per year for this Program alone, generating over half of our group targets of processing $730 million of customer transactions annually or $2 million per day.”
Ficombank is one of the first joint-stock financial institutions in Vietnam. Established in 1993 with initial capital of 20 billion it operates a banking network in the major cities of Vietnam. The model of the Bank-s operation is particularly suited to the model of a retail bank with the majority of customers being small and medium enterprises, and individuals. 2010 is the year marking the remarkable growth of Ficombank with total assets increasing nearly five times with the number of branches doubled. The bank has been evaluated to have stable credit growth and good management in credit quality by the Credit Information Center – State Bank of Vietnam. Additional information may be found at
Remit2Vietnam is an Australian based independent sales organization (“ISO”) working in the United States, Australia and Vietnam offering pre-paid debit card services in partnership with domestic and international banks and other program sponsors. With its affiliates and partners, Remit2Vietnam provides stored value financial and marketing services in Australia, United States and Vietnam utilizing partner bank issued prepaid debit cards with international remittance capabilities. Flint Telecom Group Inc, holds a 40% equity stake in R2V through its wholly owned subsidiary Ingedigit International Inc based in Florida. Additional information may be found at
Flint Telecom Group Inc. is an international Telecoms Technology Organization with a portfolio of companies that deliver VoIP and wireless communications and prepaid financial products and services globally. Headquartered in Overland Park, Kansas with offices throughout the US, India and Ireland, Flint Telecom Group is a fully reporting company trading on the OTC Bulletin Board® (OTCBB) under the ticker symbol: FLTT.OB. Flint Telecom ranked number 72 in the 2010 Deloitte Technology Fast 500, Deloitte-s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Flint Telecom was founded by a team of telecom and technology experts with a proven track in building and maintaining international technology companies. Additional information may be found at .
This press release contains forward-looking statements. Words such as “expects,” “intends,” “believes,” and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company-s filings with the SEC. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Flint Telecom Group Inc.
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