Fintech
Letter to the Shareholders – The Mint Corporation
Toronto, Ontario–(Newsfile Corp. – June 1, 2020) – The Mint Corporation (TSXV: MIT).
Dear Shareholders,
As we navigate these turbulent times, we wanted to give you an update on how we believe The Mint Corporation (TSXV: MIT) (“Mint”) is well positioned for 2020 and beyond. We would like to highlight several significant developments over the past few months and our current plans to further build our business.
New Majority Shareholder
At the end of December 2019, Global Business Services for Multimedia (“GBS”), Mint’s business partner in the United Arab Emirates (“UAE”), became majority owner of Mint through its purchase of the Mint common shares formerly held by Gravitas Financial Inc. (“GFI”). Mint welcomed this development as it now brings a greater alignment and presents new opportunities to leverage the Mint UAE’s technology platform for launching in North America.
Sale of Payroll Card Disbursement Business Provides Capital for Higher-Value Opportunities
In January 2020, Mint’s subsidiaries Mint Middle East LLC and Mint Gateway for Electronic Payments LLC (collectively “Mint UAE”) successfully entered into a transaction for the sale of Mint UAE’s payroll card disbursement business (the “Sale”) to a major international payments company. As we disclosed in our press release on February 4, 2020, Mint UAE received an initial cash payment of approximately C$29.5 million and has the potential to earn an additional performance-based cash payment of up to approximately C$7.1 million based on the success of the migration of the payroll card portfolio. Notably, Mint UAE retained all its intellectual property, its globally certified payment platform, customer relationships and the team to continue to execute on our business plan (other than the payroll card program manager business for which there is a three year non-compete agreement with the buyer).
Mint does not need to raise capital to fund Mint UAE
Prior to the Sale, Mint’s primary use of capital was to provide funding to support the Mint UAE operations. With the conclusion of the Sale, Mint UAE is well capitalized to execute on its business plan to focus on higher value opportunities, and Mint does not anticipate having to provide further cash funding to support the Mint UAE operations. Based on public information of similar payroll card transactions, the Sale was conducted at a premium valuation. The successful exit of one of its product lines at a premium valuation validates the execution capability of the management team and demonstrates the significant value of Mint.
Current Financial Technology Capabilities
Mint today is a fintech enterprise with several notable strengths, including:
- Seasoned and strong team with a track record of execution and creating value
- Cash on hand to execute its business plan to build value
- Mobile app enabled card management platform
- Cloud-based merchant management services
- Acquiring and payment gateway platform
Corporate Direction
Following the Sale and a review of opportunities to capitalize on Mint’s technology, Mint intends to shift its strategic focus to launching merchant management services targeted at small business, mobile enabled prepaid card products such as multi-currency and general purpose prepaid cards integrated with a digital banking platform that can be offered both as a white label product offering for other banks and/or financial institutions, and as a service to personal and small business clients in partnership with licensed financial institutions in the UAE.
This digital banking platform, in conjunction with our card management, payment gateway and merchant management platforms, will round out Mint’s technology across the full spectrum to service financial institutions, small business clients and personal customers. The initial focus will be on the UAE market, following which we intend to expand within the Gulf Region and into North America. Given the scope of the Mint technology now available and being developed, Mint has the flexibility to develop and focus on the unique needs of each market.
As always, we would like to thank our shareholders for your continued belief and support as we focus on providing excellent services to our customers and building value for all shareholders.
Sincerely,
Vishy Karamadam
CEO – The Mint Corporation
About Mint
The Mint Corporation through its majority-owned subsidiaries (the “Mint Group”), is a globally certified payments company based 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 through its payment’s platform certified by MasterCard and UnionPay. Mint brings modern financial conveniences, at reasonable cost, to financial institutions, merchants and consumers.
Forward looking Statements
This Letter to the Shareholders contains forward-looking statements. Forward-looking information includes the statements relating to the amount of an additional performance-based cash payment pursuant based on the success of the migration of the payroll card portfolio, that Mint does not anticipate having to provide further cash funding to support the Mint UAE operations, Mint’s intention to shift its strategic focus to launching merchant management services targeted at small business, mobile enabled prepaid card products such as multi-currency and general purpose prepaid cards integrated with a digital banking platform that can be offered both as a white label product offering for other banks and/or financial institutions, and as a direct service to personal and small business clients in partnership with licensed financial institutions in UAE and Mint’s initial focus on the UAE market and intent to expand within the Gulf Region and into North America. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
The forward-looking statements are based on certain expectations and assumptions made by Mint. Although Mint believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because Mint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks, including, but not limited to, the ability of Mint UAE to successfully migrate the payroll card portfolio pursuant to the Sale, the ability of Mint and Mint UAE to execute on its business plan and the required expenditures to execute its business plan, the ability of Mint and Mint UAE to launch digital banking services, payment gateway services and execute agreements with licensed financial institutions and meeting the regulatory requirements in UAE or any other market Mint may choose to enter and the duration and effects of the COVID-19 pandemic on local, national and global economies. The forward-looking statements contained in this Letter to the Shareholders are made as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Mint Corporation
Vishy Karamadam
647-352-0666
www.themintcorp.com
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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