A g (“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 successfully completed the acquisition of the 100,000 payroll card portfolio from a financial institution in UAE and migrated over 100,000 payroll card accounts on to its globally certified payments platform.
Mint had announced the acquisition of this payroll card accounts from a financial institution in UAE on October 18, 2018, and the portfolio acquisition and migration was approved by UAE Central Bank among other compliance procedures leading to this successful addition to our cardholder base.
“We are starting 2019 strong and are pleased to announce that this acquisition and migration of the card portfolio was completed on schedule and is a testament to the strength of our team and our next generation world class technology platform. We also expect this to be accretive to our revenue. This acquisition has enhanced our payroll card portfolio to now over half a million cards and we intend to offer the full suite of Mint’s digital financial products to this customer-base via our feature rich mobile application. Mint is becoming a market leader in the UAE and, with this acquisition, we gain access to new customer relationships and our assessment suggests there is room for further growth in our cardholder base from this portfolio acquisition and beyond from our strong pipeline of opportunities.” states Abdul Razzak Al Abdullah– Chairman & CEO of MGEPS
Mint intends to roll-out its mobile application to the new payroll accounts which will enable them to link their payroll cards to the mobile application, access a wide range of services to manage their salary accounts and avail a wide array of digital financial services that Mint offers via its mobile application.
“We believe 2019 is going to be a transformational year for Mint. The growth of our payroll cardholder base combined with an expanded suite of mobile enabled digital financial services will be key drivers of revenue growth within our UAE operations. We not only provide a payroll disbursement service to our employer clients, but also provide a globally accepted MasterCard / UnionPay payment card with a linked feature rich mobile application that is the de facto bank account for their underbanked employees. The services offered on our app increases the value that each customer brings to us. Globally, fintech companies with a sizable customer base attract great market visibility and are richly valued. As Mint scales up and offers the full range of digital financial services as per our business plan, we believe we can substantially increase Average Revenue Per Customer (ARPU).” says Vishy Karamadam, Chairman & CEO of Mint Corporation.
Mint also announced that the Board of Directors has approved the grant of incentive stock options to purchase up to 3,000,000 common shares at an exercise price of $0.13 per share to directors, officers and employees of the Company. The options are exercisable until February 20, 2022.
The Mint Corporation through its majority-owned subsidiaries (the “Mint Group”), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.ood addition of customers for MIT "