Mr. Vishy Karamadam reports

MINT RECEIVES PRELIMINARY APPROVAL FOR INSURANCE BROKERAGE LICENSE TO OFFER INSURANCE PRODUCTS TO ITS CUSTOMERS

The Mint Corp.'s majority-owned subsidiary, Mint Middle East LLC (MME), has enhanced its team by adding a senior insurance professional to qualify and establish an insurance brokerage business.

The team has considerable experience in the United Arab Emirates market and recently received preliminary approval from the regulatory authority to become a licensed insurance brokerage company in the United Arab Emirates. The preliminary approval allows Mint to receive a trade licence and complete further procedures to function as a licensed insurance brokerage in the United Arab Emirates.

"In early 2017, the UAE made it mandatory for employers to provide health insurance to their employees. Bundling insurance along with payroll strengthens our value proposition, increases revenue per customer, enhances our relationship with corporate clients and attracts new customers to our platform. Our recent test marketing efforts with corporate clients yielded favourable results," stated Vishy Karamadam, chief executive officer of Mint.

The insurance industry in the United Arab Emirates is forecast to be among the fastest-growing markets in the Gulf Co-operation Council (GCC) countries (comprising the United Arab Emirates, Kuwait, Saudi Arabia, Qatar, Oman and Bahrain), growing at a 12.1-per-cent annualized growth rate to reach $18-billion (U.S.) in 2021 and making the United Arab Emirates the largest insurance market in the GCC.

Approximately five million expatriate workers have mandatory access to health insurance. Based on internal estimates, Mint believes the yearly health insurance market among expatriate workers is $100-million (U.S.). Mint believes that the sale of health insurance will become one of its key recurring revenue sources once it is rolled out after complying with all the regulatory approvals.

Existing macro factors prevailing in the United Arab Emirates are favourable for the expansion of the overall insurance industry. Infrastructure developments and revival of the economy after the oil price meltdown, along with increasing transparency across the sector, are boosting the prospects of the insurance industry in the United Arab Emirates.

About The Mint Corp.

Mint, through its majority-owned subsidiaries, is a globally certified payments company headquartered in Toronto, Canada, with its primary business in Dubai, United Arab Emirates. The Mint Group is approved by the United Arab Emirates Central Bank, MasterCard and UnionPay as a third party payment processor. Mint Group processes over $1-billion (U.S.) in payroll annually for hundreds of corporate clients and financial institutions.

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