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Mint Corp (The)
Symbol MIT
Shares Issued 73,642,790
Close 2016-06-08 C$ 0.055
Market Cap C$ 4,050,353
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Mint Middle East releases Hafed in UAE

2016-06-09 16:13 ET - News Release

Mr. Rishi Tibriwal reports

MINT PROVIDES CORPORATE UPDATE

The Mint Corp. has released the following update.

New product launch

Mint Middle East LLC, a company 51 per cent owned by Mint, launches Hafed -- a financial and digital inclusion program for United Arab Emirates' unbanked domestic workers. Aimed at enhancing the financial and digital inclusion of unbanked domestic workers in the region, Hafed extends the security and benefits of wage protection system program (WPS) salary cards to the domestic workers also. Hafed provides significantly improved experience to its unbanked cardholders by offering best-in-class e-commerce, financial, banking and insurance services through an omnichannel experience, covering on-line and mobile touch points, thereby servicing cardholders seamlessly and with increased efficiency.

Hafed: features and benefits

WPS, developed by Central Bank of the United Arab Emirates to record and guarantee timely and full payment of agreed-upon wages, has been strongly supported by organizations, such as MME by virtue of new card issuances and programs, including Hafed -- which will pave the way for economic freedom for workers underserved by the mainstream banking institutions. The Hafed program also extends the benefits of WPS to the domestic workers who are currently not included in WPS.

The Hafed program will comprehensively address the financial needs of the unbanked cardholder, right from payday to daily financial transactions, free mobile application to unbanked cardholders to manage their financial affairs and also deliver incentive-based offers so far enjoyed only by customers of mainstream banks. Hafed cardholders will be entitled to a suite of value-added services, including regular and enticing merchant offers and discounts.

Other features enhancing customer experience include zero fees for cardholders, multiple language support at MME cash dispensing machines (CDM) and free pay slips once every month, amongst others. Corporate clients of MME benefit from free installation and management of private CDMs on every 2,000 employees in the private premises of the employers, and free Internet banking for all the corporate customers to manage their payroll-related activities.

Business update

Mint Gateway for Electronic Payment Services LLC, a company 51 per cent beneficially owned by Mint, has signed a letter of intent to provide a prepaid card management program to a UAE financial services institution. The letter of intent is subject to the execution of a detailed legally binding agreement. These general purpose reloadable prepaid cards are to support the existing customer base of the financial services institution. Given the large scale, it is anticipated that the deployment will happen over the next one year. Once fully deployed, this program is expected to generate annual gross revenues to Mint Gateway of over $2.5-million (U.S.). Mint Gateway believes that its payments platform will handle the volume of activity under the program without significant additional costs. This customer win offers an early evidence that the end-to-end payments platform comprising issuing, processing and acquiring that Mint is developing may result in new opportunities for Mint in UAE and beyond.

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