iQSTEL Launches New Fintech Division, Expanding Product and Digital Financial Services Offerings for the Global Markets

New York, NY, Sept. 29, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- iQSTEL Inc. (OTC: IQST), today completed the official launch of its new Fintech Division. This expansion will be synergistic with iQSTEL’s existing Telco Division businesses while providing additional revenue stream options via a global Business-to-Consumer model (B2C), serving end-users around the world.

Additional information will be forthcoming, including our complete business plan and our acquisition strategy that is independent from our Telco Division. The initial target market is expected to include the immigrant population around the world, a market sector we know well. Below is a list of some of the products and services we are planning with our new Fintech Division:

* Send money domestically and internationally with low fees.

* Send money via SMS using our customized SMS service (smartphone not required).

* Pay utility bills with minimal payment fees (mobile, electricity, gas services).

* VISA debit card solution for easy access to funds, could be sent to their native counties.

According to Global X and Mauro F. Romaldini (TopTal), the Fintech industry is growing at an almost exponential rate with over $500B in annual remittances and over $1.5T in annual mobile payments.

“The knowledge gathered over the years through our Telco Division, along with strong customer relations with the large mobile operators around the world, has positioned iQSTEL to be the ‘point man’ between the immigrant end-user population and global telecommunications systems, a perfect setup for us to offer global FinTech products and services,” stated Mr. Iglesias.

“Our current Telco Divisions revenue stream is primarily generated from international SMS (65%) and VoIP international long distance (30%). The development of our Fintech Division tied in to our intricate immigrant population consumers and knowledge was a given. Helping this sector transact digitally with near instant delivery, as compared to high risk cash transactions and travel requirements, is expected to be a huge benefit to the immigrant consumer. We continue to execute on our existing Telco Division business plans and acquisition strategies with major updates coming soon,” Mr. Iglesias, iQSTEL's CEO, concluded.