VANCOUVER, BC, February 1, 2022. Fobi AI Inc. (FOBI: TSXV; FOBIF: OTCQB) (the “Company” or “FOBI”), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement, is pleased to announce the launch of the new PassPro Wallet pass product.  This new Enterprise-grade SaaS platform with enhanced functionality positions Fobi as a leader in the Mobile Wallet Pass market and will power many new opportunities with Enterprise clients for Fobi in key verticals such as Retail, Sports & Entertainment, and Hospitality & Tourism. Fobi will make money from this new platform from initial setup fees, per Wallet pass licensing fees, and managed service fees, which will be a new revenue stream for Fobi.

PassPro, the new Digital Transformation Platform, moves Fobi to the Forefront of the Mobile Wallet Pass Market

PassPro is an upgraded wallet pass product that expands the capabilities of the native mobile wallet and drives the convergence of data and engagement to become the all-in-one CRM & engagement marketing tool that lives right in the pocket of companies’ prospects and customers.

PassPro is a fully managed service from Fobi that is completely custom-built for each customer’s needs. This allows Fobi to use its technology to target pain points specific to each customer and truly provide value to them and their customers.

PassPro provides real-time customer engagement, promotions, and exclusive content and services in customers’ mobile wallets while enabling companies to enhance their CRM systems by turning unknown prospects and customers into known ones. The advanced PassPro functionality combining the power of the Passcreator Wallet Pass and Fobi’s AI and data utilization is unique in the marketplace and establishes Fobi as an innovator and front-runner in the Mobile Wallet Pass space.

Fobi’s new PassPro SaaS platform takes engagement to the next level by providing one convenient location for all information and services that an organization wants to share with their key stakeholders. As the primary touchpoint between businesses and their customers, businesses can run contests, release news, sell products, provide digital receipts, post videos, and push personalized offers based on their data.

Benefits of the new PassPro Platform

●      New and exclusive features expand the functionality by connecting the data with engagement to deliver targeted content and services to the wallet pass

●      Customizable analytics, onboarding pages, segmentation, and surveys

●      Fobi fully manages PassPro to deliver a seamless solution tailored to a company’s specific needs

●      Increases engagement with advanced segmented messaging

“PassPro is a true Enterprise-grade SaaS solution that provides companies with the ability to transform their valuable data into powerful personalized promotions and experiences. The combination of Fobi AI and Passcreator Wallet pass technology drives digital transformation for companies still stuck in the analog world and creates the ultimate marketing tool for companies, highlighting the continuing value of the Passcreator platform to Fobi. Combine this with the managed services function that we have built out, this will provide a significant revenue opportunity now that the solutions are fully integrated,” said Rob Anson, Fobi CEO.  

Mobile Wallet Market Expected to Grow Significantly by 2025

According to a report released in 2021 by IndustryArc  the Mobile Wallet Market is forecast to reach $255 billion by 2025 growing at a CAGR of 15.2% from 2020-2025. The increased adoption of contactless technologies due to COVID and the increased use of technology in financial transactions are expected to accelerate the mobile wallet market during the forecast period. With this new and enhanced PassPro Wallet pass platform, Fobi is well-positioned to increase its share of this large and growing global wallet pass market.

This press release is available on the Fobi website, and also on the Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement. 

ABOUT FOBI

Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.

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This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic and capital markets conditions, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve all or any of its proposed objectives.

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