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Mint Announces Entering into Debt Settlement Agreement

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Toronto, Ontario–(Newsfile Corp. – September 8, 2021) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company“) is pleased to announce that further to its press release dated May 6, 2021, it has entered into a debt settlement agreement with Mobile Telecommunications Group LLC (“MTG“), Global Business Services for Multimedia (“GBS” and together with MTG, the “Creditors“), Mint Middle East LLC (“MME“), and Mint Gateway for Electronic Payment Services (“MGEPS“), dated August 31, 2021 (the “Debt Settlement Agreement“).

Terms of Debt Settlement

Pursuant to the Debt Settlement Agreement, the Company will settle the following debts which are currently outstanding (the “Debt Settlement“):

  1. Approximately C$20,000,000 in aggregate principal of outstanding series A debentures (plus all accrued and unpaid interest) held by the Creditors;
  1. Aggregate debt of approximately C$7,000,000 in principal (plus all accrued and unpaid interest) comprised of:
  1. Convertible subordinate secured debentures and an unsecured promissory note; and
  2. Certain loans payable to the Creditors.

In total, the Company anticipates that it will settle an aggregate of approximately C$30,000,000 of debt burden upon closing of the Debt Settlement through a one-time cash payment or through a payment in kind of certain assets received from MME or MGEPS, or a combination of the foregoing, in the amount of US$10,000,000 to the Creditors pursuant to the terms and conditions of the Debt Settlement Agreement.

In addition, pursuant to the terms of the Debt Settlement Agreement, and in consideration for the Debt Settlement, MME and MGEPS will settle the following debts owing to the Company and Creditors:

  1. Approximately C$42,000,000 owing to the Company (such amount has been written-off in the financial statements of the Company) that was previously provided to MME and MGEPS in the form of non-interest bearing inter-company transfers since its initial acquisition by the Company to be settled by a payment of US$11,000,000 to the Company and
  1. Approximately C$6,500,000 of principal and any accrued interest therein owing to MTG by MGEPS will be cancelled.

As a result, MME and MGEPS will make a one-time cash payment of US$11,000,000 to the Company, and the balance of these funds that are not used in connection with the Debt Settlement, will be used for working capital purposes of the Company.

The completion of the Debt settlement is subject to the satisfaction of certain conditions of the Debt Settlement Agreement, including but not limited to, approval of the Debt Settlement by the TSX Venture Exchange (the “TSXV“), the Debt Settlement receiving Minority Shareholder Approval (as defined below), and any other regulatory and third party approvals as may be required in the United Arab Emirates. The anticipated closing date of the Debt Settlement on or before December 31, 2021, or such other date as agreed to by the parties. There is no assurance that the Debt Settlement will be completed.

Vishy Karamadam, Chief Executive Officer of the Company, commented on the Debt Settlement Agreement: “Executing the Debt Settlement Agreement on attractive terms for the Company’s minority shareholders is a win and significant milestone for the Company. I urge the shareholders to approve the Debt Settlement in the upcoming shareholders meeting. Fintech companies are well received in the public markets, and an equity funded balance sheet significantly helps such companies achieve its goals. Unfortunately, the Company has historically been funded with debt that held the Company back from realizing its full potential, and this is an opportunity to clean up the balance sheet and position the Company to execute on its business plan.”

MI 61-101 Special Transaction

MTG is a wholly-owned subsidiary of GBS, which is a “control person” of the Company. Accordingly the Debt Settlement is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (“MI 61-101“). The Company will rely on the exemption from the valuation requirement pursuant to subsection 5.5(g) of MI 61-101 (financial hardship). The Company’s decision to rely on the financial hardship exemption was made upon the recommendation of the independent directors of the Company, all of who are unrelated to the parties involved in the Debt Settlement, with respect to the merits of the Debt Settlement and the resulting approval of the entering into of the Debt Settlement Agreement by the board of directors of the Company. Pursuant to MI 61-101, the Company will seek approval of the majority of minority shareholders (“Minority Shareholder Approval“) of the Company with respect to the Debt Settlement at its upcoming annual general and special meeting of shareholders to be held on September 30, 2021 (the “Meeting“).

A copy of the form of Debt Settlement Agreement was attached to the management information circular of the Company dated August 31, 2021 with respect to the Meeting, and will be available on the Company’s SEDAR profile at www.sedar.com.

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ABOUT MINT

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, United Arab Emirates. 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.

Forward-looking Statements

Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or future performance and, in certain cases, can be identified by the use of words such as “estimated” “intends”, “plans”, “expects”, “anticipates”, or variations of such words and phrases as statements that certain actions, events or results “may”, “can”, will”, “might”, “shall”, “would” occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include the completion of the Debt Settlement pursuant to the terms of the Debt Settlement Agreement, the receipt of a cash payment in the amount of US$11,000,000, the approval of the TSXV, receipt of Minority Shareholder Approval, the fulfillment of the conditions of the Debt Settlement Agreement, the use of the remaining funds for working capital purposes, the reception of financial technology companies by the market, the anticipated execution of the Company’s business plan once the Debt Settlement is completed, and the anticipated closing date of the Debt Settlement.

All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including but not limited to: failure of the parties to fulfill the conditions of the Debt Settlement Agreement, business or economic risks which may cause additional financial difficulties for the parties of the Debt Settlement Agreement, the inability for the Company to receive the necessary shareholder, regulatory, or third-party approvals, and general market risks and fluctuations. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time-to-time in Mint’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. These forward-looking statements are made as of the date of this news release and Mint disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by 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, Chief Executive Officer
647-352-0666
www.themintcorp.com

NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWS WIRE

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95829

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Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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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

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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:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. 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.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.

 

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SPAYZ.io prepares for iFX EXPO Dubai 2025

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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.

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Airtm Enhances Its Board of Directors with Two Strategic Appointments

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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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