Fintech
Mint Provides Additional Disclosure Regarding Debt Settlement
Toronto, Ontario–(Newsfile Corp. – September 24, 2021) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company“) announces that further to its press release dated September 7, 2021 and its management information circular dated August 31, 2021 (the “Circular“) it wishes to provide additional information pursuant to Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (“MI 61-101“), relating to the timeline, background, and summary of the negotiation process of the previously announced proposed debt settlement (the “Debt Settlement“) and debt settlement agreement (the “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“).
To provide the shareholders of the Company (“Shareholders“) additional time to consider and to vote upon the Debt Settlement, the Company will now hold its annual general and special shareholder meeting on October 7, 2021 at 10:00 a.m. (Toronto time) (the “Meeting“) (previously scheduled for, September 30, 2021 at 10:00 a.m. (Toronto time)). As such, the proxy cut-off time for the Meeting will now be October 5, 2021 at 10:00 a.m. (Toronto time). The Meeting will still be held at the Company’s office located at 33 Bay Street, Suite 1700, Toronto, Ontario, but to mitigate the risk and spread of the COVID-19 virus, Shareholders are strongly encouraged to attend the Meeting virtually through dialing 1-855-473-1059, Participant Code: 0091269#. A new management information circular will not be mailed out to Shareholders in connection with the new date of the Meeting. A copy of the Circular was mailed out to Shareholders on September 2, 2021 and can be found on the Company’s SEDAR profile at www.sedar.com or on the Company’s website at www.themintcorp.com.
Timeline and Background of Debt Settlement
In June 2020, the board of directors of the Company (the “Board“) began discussing the urgency for the Company to clean-up its balance sheet, and in particular the Company’s debt owing to the Creditors in the amount of approximately CA$20,000,000 (the “Debt“), which was secured against all assets of the Company and coming due on December 2021. In addition, there was approximately CA$2,000,000 in an interest payment due to the Creditors annually.
On June 24, 2020, Vishy Karamadam, Chief Executive Officer and Director of the Company, initiated discussions with regards to restructuring of the Debt with the Creditors based off the Company’s anticipated difficulties to meet the repayment obligations.
Over the next few months, Mr. Karamdam and the Creditors held various discussions regarding the benefits of restructuring the Debt, which eventually led to the Company proposing a settlement of the Debt through a payment of C$10,000,000 – which was rejected by the Creditors. Throughout the discussion, Mr. Karamdam kept independent member of the Board, Vikas Ranjan abreast of the progress in the talks with the Creditors; and kept the rest of the Board members periodically updated on the progress – with the exception of Firas Al Fraih, as he is a director of GBS, and as such, the Company implemented a Chinese wall with respect to Mr. Al Fraih’s involvement and he was not involved in any discussions or updates with respect to the talks from the Company’s side.
On December 15, 2020, the Creditors and the Company informally agreed on a framework for a settlement of the Debt being in the amount of US$10,000,000. In connection with this framework, the Company would receive from its United Arab of Emirates’ entities (the “UAE Entities“) a payment of US$11,000,000 (the “UAE Payment“) to settle a previous inter-company debt (the “Inter-Company Debt“) owed by the UAE Entities to the Company in the amount of C$40,000,000, an amount which was previously written-off by the Company. The Inter-Company Debt was initially provided through various advances to the UAE Entities beginning approximately 12 years ago to fund the working capital requirements of the UAE Entities’ business. However, such advances were written off in connection with audit requirements of the Company over the years, as further disclosed in the notes of the Company’s financial statements available on the Company’s SEDAR profile. The Company had previously discussed the settlement of the Inter-Company Debt with the UAE Entities, but such discussions were never able to materialize into any proposals due to numerous parties holding the Debt and the Inter-Company Debt.
Based off a draft letter of intent (“Letter of Intent“) sent by the Company to the Creditors on April 4, 2021, which captured the agreed upon figure of the settlement reached around December 15, 2020, the independent members of the Board supported the proposed terms of the Debt Settlement, and the parties formally entered into the Letter of Intent on May 5, 2021.
On July 9, 2021, based off the terms of the Letter of Intent, an initial draft of the Agreement was sent from the Company to the Creditors; the draft of the Agreement was largely based off the terms agreed to in the Letter of Intent. Nonetheless, one change in the terms between the Letter of Intent and the Agreement was the Company could settle the debt through a combination of consideration payable through a cash payment or assets-in-kind (rather than just a cash payment as stipulated in the Letter of Intent). This change was proposed by the Company to allow the Company to account for the type of consideration paid to it pursuant to the UAE Payment and to permit the Company to ensure suitable working capital flexibility to move forward upon completion of the Debt Settlement.
On September 2, 2021, the Agreement was reviewed and approved by the independent members of the Board. Mr. Al Fraih was excluded from Board discussions with respect to the approval of the Debt Settlement.
General Information About Payment Terms
With respect to the form of payment to be paid by the Company to the Creditors pursuant to the Debt Settlement Agreement (i.e., whether it will be a cash payment, assets-in-kind, or a combination of both thereof), the Company will make that decision based off its analysis of its working capital requirements for funding for the future growth of the business of the Company and will determine the apportionment based off both this framework and the type of consideration received from the UAE Payment. As of the date of this release, the Company has not determined the breakdown of the consideration that will be paid to the Creditors.
Any such assets to be paid in connection with the Debt Settlement may include real property located in the United Arab Emirates which may be received as part of the UAE Payment and will be subject to a valuation by an arm’s-length third-party appraisal firm agreed to by the respective parties in advance prior to being used as payment.
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“). 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 the Meeting.
A copy of the form of Debt Settlement Agreement was attached to the Circular.
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, receipt of Minority Shareholder Approval pursuant to MI 61-101, and the use of the remaining funds for working capital purposes.
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
416-729-1363
www.themintcorp.com
NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWS WIRE
The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.
Finastra Data Breach: A Wake-Up Call for Fintech Security
Source: KrebsOnSecurity
The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.
Implications and Challenges
While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.
The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.
Future Considerations
This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.
PayPal Resurrects Money Pooling Feature
Source: TechCrunch
In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.
Strategic Revival
This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.
Broader Industry Impacts
Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.
While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.
Santander Expands Fintech Reach in Mexico
Source: Yahoo Finance
Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.
Strategic Significance
Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.
Challenges on the Horizon
While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.
2024 Global Fintech Awards: Spotlighting Excellence
Source: PRNewswire
Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.
Recognizing Industry Leaders
Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.
What It Means for the Ecosystem
The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.
Commonwealth Central Credit Union Partners with Jack Henry
Source: FinTech Futures
Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.
Modernizing Member Experiences
Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.
A Growing Trend
This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.
Key Takeaways for the Fintech Industry
- Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
- Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
- Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
- Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
- Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.
The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.
The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.
Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone
Source: Revolut
Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.
Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.
This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.
PayTech Awards 2025: Celebrating Excellence in Innovation
Source: FinTech Futures
The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.
This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.
As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.
U.S. Politics and the Fintech Sector: A New Era of Funding?
Source: American Banker
The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.
While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.
A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.
Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy
Source: FF News
Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.
The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.
This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.
Autire: Accounting Tech of the Year at US FinTech Awards
Source: Business Wire
Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.
Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.
The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.
Final Thoughts: A Fintech Revolution in Full Swing
From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.
The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.
The post Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech appeared first on .
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