The financial technology industry (fintech) is one of the fastest-growing sectors of the overarching tech market, and companies like Fintech Select (TSXV:FTEC, OTC:SLXXF) are poised to exert a substantial influence in this domain.  

In 2023 alone, the fintech market is expected to surge to a valuation of US$174 billion, catapulted by the banking industry’s growing need for fintech solutions, as consumers seek technology-driven financial alternatives. 

With its headquarters based in Chatham, Ontario, Fintech Select provides a range of pre-paid card programs and e-wallet payment solutions. Since 2022 and over the course of 2023, the company has been focusing on key initiatives, such as e-wallets, cryptocurrency platforms, and the call center reporting system. 

With only a few months left in 2023, the company is gearing up for 2024, which includes the merger of its e-wallet and point-of-sale (POS) cryptocurrency platforms. Fintech Select believes this is a strategic move that will yield several advantages for both platforms. The merger of the e-wallet and POS cryptocurrency platforms in preparation for 2024 is a forward-thinking move that positions the company to better serve the needs of its users, allowing it to compete effectively in the evolving digital payment landscape. Careful planning, user-focused design, and compliance with regulatory requirements will be key to its success, all of which Fintech Select is closely considering. 

The company’s current platforms 

In an interview with The Market Herald Canada, Mohammad Abuleil, CEO of Fintech Select, said its POS cryptocurrency platform (Selectcoin) and the e-wallet platform (Twifty) remain the company’s key focus and have been integral to the company’s long-term business goals. 

Case in point, Fintech Select has been providing its payment solutions since 1999 and has grown its business since then into three core business divisions and an integrated call center.  

With that in mind, the company’s core solutions include prepaid card solutions, Twifty, and Selectcoin. 

Integrated closed-loop card platform 

Fintech Select has developed a complete and comprehensive solution for Libyan local banks based on a closed-loop card that the bank can issue to clients to be used at any of the company’s POS locations.  

The clients have the benefit of shopping at different locations and swiping their cards for payments without going to the branch to cash out funds. The bank facilitates the transactions for its clients, thus eliminating the need for physical cash, which is a known issue in terms of availability in Libya. The bank issues, activates, and loads the cards, which the clients then use within the closed POS network. 

The solution encompasses several key functionalities. Merchants can use it to generate essential reports and settle transactions with banks after clients have completed their purchases. Clients have the capability to conveniently track their purchases and account balances through an online interface. Additionally, banks are equipped to make direct payments to merchants based on thoroughly verified transaction reports. 

With a successful implementation in Libya, Fintech Select envisions expanding this invaluable service to other regions around the world where a similar need arises. 


The company’s Twifty platform specializes in e-commerce processing, corporate disbursements, and remittances. It aims to globally provide convenience and cost-effective online payment processing services. 

Abuleil said the Twifty platform is based on an e-wallet that consumers can use online or through an app.  

“Consumers can … create a digital wallet and connect that wallet to their bank account, send money, make bill payments, transfer funds from wallet to wallet, and so on,” he told The Market Herald Canada. 

The Twifty platform can also be directly integrated into a merchant’s shopping cart and checkout system, which will enable seamless streamlining of a customer’s purchasing process, while also simplifying receipt payments for merchants. 


Selectcoin allows anyone to buy and sell cryptocurrencies in a streamlined and simplified manner, thanks to Fintech Select’s POS footprint. As such, the company’s platform makes every POS terminal a cryptocurrency exchange. 

Abuleil told The Market Herald Canada that the company first developed the platform in 2017, and it has become a large focus of the company’s overall outlook. In recent years, Fintech Select has enhanced its platform by transitioning from a solely technology-based system to a fully Android-compatible software. 

“The simple concept of the platform allows people to go to any location equipped with our POS [platform], allowing them to acquire Bitcoin by making a payment to the merchant. Then, a digital wallet will be instantly created for the customer and linked to his/her closed-loop card,” he explained.  

Fintech Select has adopted a proprietary solution that turns any of its retailers’ POS systems into a cryptocurrency exchange for a much lower cost and no additional maintenance required.  

With that in mind, the advantages of the Selectcoin platform include low cap-ex cost per location, quick retail set up, no maintenance, no risk of being hacked, easily scalable, low consumer fees, making for easy and simple transactions. 

Prepaid solutions 

In the past, Fintech Select’s corporate and government-facing Mastercard programs included a large POS footprint that enabled consumers to fund their cards. Although Fintech Select doesn’t offer this particular service at this time, the prepaid platform remains, allowing Fintech Select the flexibility to offer this service if and as needed.  

The company’s private-label solutions for multiple programs and sales verticals include government disbursements, incentives and rewards, payroll, and general-purpose reloadable.  

The company’s prepaid solutions for its customer base offer a range of benefits, including reaching new customers who may not want traditional banking, driving new customer growth, and generating new revenue streams.  

Gearing up for change  

As the company’s path towards profitability marches on – which includes a $1.19 million net profit in its most recent audited financial results, and $618k net profit in its (Q1 and Q2 2023 financial results) – Abuleil told The Market Herald Canada that the company is now looking to merge two of its platforms into one, notably Twifty and Selectcoin. 

Blending the two platforms together will enable customers to use their closed-loop cards in Canadian currency or cryptocurrencies to pay for goods and services at the Company’s merchant POSs, giving it a competitive advantage over other solutions using open-loop cards. 

  • Merchants can potentially reduce transaction fees, as well. Traditional open loop card transactions often come with interchange fees, which can be higher compared with cryptocurrency transaction fees, especially for international or cross-border payments. 
  • Offering a combination of closed-loop cards and cryptocurrencies in Canadian currency can set the company apart from competitors that solely rely on open-loop cards. This unique payment solution can attract businesses and customers looking for innovative and cost-effective payment methods. 
  • To succeed in this approach, it’s crucial for the company to conduct thorough market research, assess the regulatory environment and implement robust security measures to ensure a seamless and secure payment experience for customers and merchants alike. 

Abuleil said the Company is open to hiring more resources to work on this segment of the business, now that the Company has seen a positive cash flow in net profits in the first two quarters of this year. This will allow the Company to get the newly updated platform up and running into the market “in the very near future.”  

Future outlook  

Moving forward, Abuleil said the Company’s primary focus will be blending the Twifty and Selectcoin platforms together and bringing them to the market so that it can attract customers with various financial interests and needs.  

He also said Fintech Select hopes to expand its footprint outside Canada to promote the platform.   

In terms of the call centre, Abuleil mentioned that the Company, which has been serving Canadian and U.S. customers, has also been expanding. 

“Fintech Select will keep growing the customer call service side and expanding the business globally,” he said.   

The management team 

Mohammed Abuleil, CEO & director  

Mohammad Abuleil is the current president, CEO, and director of Fintech Select Ltd. Abuleil has previously held the position of manager-computer department at Jordan Petroleum Refinery Co. and manager at Moore Business Forms Ltd.  

Abuleil received his MBA from Wilfrid Laurier University and an undergraduate degree in computer science from the University of Jordan. 
Yu Zhang, CFO  
Yu Zhang is CFO of Fintech Select and holds an MBA from the Schulich School of Business. 
Mujir Muneeruddin, chairman 

Mr. Muneeruddin is chairman of the board at the Company. An experienced entrepreneur and corporate and securities lawyer, he has most recently been serving as chief strategy officer and chief legal officer at STEER Technologies Inc., and as chairman at Abrahams LLP, a Toronto business law boutique. Mr. Muneeruddin’s career has seen him recognized as a “Top 40 Under 40” professional (by Top 100 Magazine) and as a “Top Lawyer” in Post City Magazine 
Naveed Ul-Hassan, director  
Mr. Ul-Hassan has been a director of the Company since January 2017. He has been the assistant vice president of Habib Canadian Bank since 2006, holds a bachelor’s degree in commerce, and a bachelor’s degree in law (LLB), and has more than 33 years of experience in the banking sector.  

The investment opportunity

At present, Fintech Select has a market capitalization of just $1.6 million, a share price of $0.02 and 80.05 million shares outstanding.  
While other fintech solutions out there are similar to Fintech Select’s, what makes the company stand out is its ability to provide Bitcoin and e-wallet solutions in the same platform, while offering its users an alternative method of payment when purchasing goods and services in-store.  
“Having the capability to carry both Bitcoin and Canadian dollars in a digital wallet provides users with a versatile and convenient payment solution. Users can choose to pay for goods and services using either Canadian dollars or Bitcoin from the same wallet. This flexibility allows individuals to adapt their payment method based on their preferences, financial situation, or even take advantage of potential currency fluctuations. Users can decide to use Bitcoin for payments when they believe its value is favourable, and they can rely on Canadian dollars when they want to avoid the potential volatility of cryptocurrencies,” Abuleil told The Market Herald Canada. 

While the overarching cryptocurrency market – and, of course, Bitcoin itself – has fluctuated significantly over the past half-decade or so, market sentiment appears to be trending upward and, as a result, pushing the Bitcoin price back up.  
As investor interest continues rising, Abuleil explained that the company’s cryptocurrency platform is easy for investors of any skill level to use, making purchasing Bitcoin easier than ever.  

In other words, for the solutions that the company has been developing and the services provided at its market valuation of just $1.6 million, Fintech Select is vastly undervalued. As it looks to execute its future goals and expand its global presence, investors won’t want to miss out. 

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This is sponsored content issued on behalf of Fintech Select, please see full disclaimer here. 

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