-- The Mint Corporation (TSX-V: MIT) (“Mint”) is pleased to announce that its majority-owned subsidiary, Mint Gateway For Electronic Payments Services LLC (“MGEPS”), based in the United Arab Emirates (UAE), has won a new customer with a portfolio of over 100,000 payroll card accounts. The customer is a leading UAE financial institution. Central Bank approval to migrate the accounts of this financial institution has also been received. Cardholder onboarding of this portfolio onto Mint’s globally-certified payment and digital banking platform has already commenced.
This is the second major cardholder transaction for Mint in less than three months. On October 18, 2018, Mint announced the acquisition of a portfolio of over 100,000 payroll cards, subject to standard compliance procedures including approval by the UAE Central Bank. UAE Central Bank approval for that acquisition has also now been received. Upon completion of these portfolio migrations to its platform, Mint is projecting to have 600,000 cards on its platform.
The underbanked market globally as per World Bank estimates is over 2 billion, with 20 million within the Gulf countries. The total population of migrant workers covered in the UAE alone is 5 million as per UAE government statistics. Now that Mint’s position as a leader in financial and digital inclusion is being proven in the UAE and the technology platform built is operating at scale, there is a significant opportunity to continue to grow Mint’s cardholder base both within the UAE and beyond.
The Wages Protection System (WPS), overseen by the Central Bank of UAE, mandates employers to disburse salary using UAE Central Bank approved entities in a secure and cashless manner such as via reloadable globally accepted Mastercard and UnionPay branded payroll cards. Mint is a dominant non-bank payroll card service provider in the region and, by linking the physical payment card to a feature rich mobile application, is at the forefront of bringing financial and digital inclusion to the underbanked.
“Our significant investment in building a world class mobile enabled payment infrastructure to service the underbanked is now gaining recognition in the market place. We are seeing several attractive opportunities in the market place and are now well positioned to execute. The technology platform that we have built is tailor made to provide digital financial inclusion for the underbanked,” states Abdul Razzak Al Abdullah – Chairman & CEO of MGEPS.
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