TORONTO and DUBAI, United Arab Emirates, April 25, 2018 (GLOBE NEWSWIRE) -- The Mint Corporation (TSX-V:MIT) (“Mint” or the “Company”) is pleased to announce that its subsidiary Mint Block Corp. (“Mint Block”), focused on developing intellectual property and applications leveraging blockchain technology, is making advances in developing a remittance technology solution deploying blockchain. Mr. Minaz Sirangi, the lead advisor and expert technology architect developing this solution, visited Dubai and spent several days working with our team to assess and evaluate the technology platform Mint has assembled. He received key insights that will help him and his team architect a robust blockchain based global money remittance solution.
The Company is engaged in advanced discussions with a leading blockchain powered platform, with existing remittance bank partners in various remittance corridors, to commercially deploy the Company’s remittance solution.
Mint’s majority owned subsidiary, Mint Middle East LLC, today has a cardholder base of approximately 400,000 migrant workers in the UAE and is the preferred payroll platform for several licensed exchange houses in the UAE. Mint intends to offer the blockchain powered remittance solution to further deepen its relationship with these licensed exchange house partners and acquire scale for Mint’s blockchain powered remittance application. Money remittance from the UAE is a big industry amounting to $33Bn in remittance according to World Bank. According to the Central Bank of the UAE, over 75% of the total money remittances in the UAE happen via licensed exchange houses and Mint’s technology platform is already integrated with several of the leading exchange houses in the UAE.
“By introducing blockchain into the Mint ecosystem, we will create a simplified, efficient and cost-effective method for cardholders to send money back home via our licensed remittance company partners. Most entrants into this space must incur heavy marketing expenses to get users. Our platform is already preloaded with cardholders and integrated to leading licensed exchange houses in UAE. The live deployment at scale in UAE will allow Mint Block Corp to learn, develop and demonstrate this remittance solution for the banks and credit unions in other markets outside UAE and potentially add a new line of business and in turn provide a revenue accretive opportunity.” stated Vishy Karamadam, President and CEO of The Mint Corporation.
About The Mint Corporation
The Mint Corporation (TSX-V:MIT), 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 (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard and UnionPay as a third-party payment processor. Mint processes over US$1 billion in payroll annually for hundreds of corporate clients and for financial institutions, including some of the leading blue-chip companies in the UAE. The Mint community consists of approximately 400,000 cardholders
Mint provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile wallet, where their salaries are deposited. This mobile wallet effectively becomes the employee’s bank account.
Mint intends to offer a comprehensive suite of services through the mobile wallet, including remittance, mobile phone top-up, rewards, and insurance, among others. The mobile wallet enables unbanked employees to purchase services and spend through the wallet.
Forward looking Statements
This news release contains forward-looking statements. Forward-looking information include statements with respect to Mint Block’s intention to develop a robust blockchain based global money remittance solution and Mint’s intention to offer certain services through the mobile wallet including overdrafts and loans. 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. The use of blockchain technology by the Mint Group will require modifications to Mint Group’s existing technology platform. Mint must obtain the expertise necessary for that purpose, modify its platform, complete testing and obtain regulatory approvals, prior to launching blockchain enabled services. The offering of overdrafts and loans by Mint will require regulatory approval in the UAE, the participation of a UAE licensed financial institution and modifications to the Mint technology platform and procedures. The forward-looking statements contained in this press release 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
Kym No
Interim CFO
647-252-1664
www.themintcorp.com