The Mint Profile
The Mint Corporation operates as a full service integrated payments company. The company is a subsidiary of Gravitas Financial Inc.
The company operates primarily through its subsidiaries and associates in the United Arab Emirates (UAE). The company’s UAE operations comprise four entities, such as Mint Middle East LLC (MME LLC), Mint Electronic Payment Services Ltd (MEPS), Mint Capital LLC (MCO), and Mint Gateway for Electronic Payment Services (MGEPS) (collectively, ‘Mint UAE Operations’).
Mint UAE Operations focuses on payroll cards, mobile airtime top up, merchant network solutions and microfinance products to existing payroll cardholders. The payroll card revenues are generated in the UAE in MME LLC. MME LLC manages the issuance, administration, customer support, payment processing and set-up and reporting of payroll cards and related activities.
The company is an industry leader in the UAE, operating as a vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and branded card products with complementary products, including microfinance lending. The company is working to integrate additional products, such as mobile top-up, money remittance and expand on its pilot program to offer micro finance to its card holders.
MME LLC
MME LLC is a payroll card services provider facilitating an automated and secure payroll system to employers in the UAE in accordance with the Wages Protection System legislation (WPS). MME LLC is recognized by the Central Bank of the UAE as a WPS third party service provider, and is sponsored by Abu Dhabi Islamic Bank, Noor Bank currently. The company signed a new bank identification number (BIN) sponsorship contract with Abu Dhabi Islamic Bank (ADIB), a major UAE Bank with a large ATM network and has switched over its portfolio of existing cardholders to ADIB. MME LLC needs a sponsoring bank to acquire a BIN and to connect to the Central Bank Switch for the payroll prepaid card holders to be able to withdraw cash from ATMs through any bank in UAE. The company is primarily issuing new open loop payroll cards (UnionPay International and MasterCard) payroll cards through Noor Bank.
MME LLC manages the issuance, administration, customer support, payment processing, set-up, sponsorship and regulated reporting of the cards and related activities to government authorities.
MCO
MCO manages a microfinance loan product in collaboration with Mawarid Finance PJSC, a UAE based finance company. The microfinance product is managed operationally by MCO. MCO is wholly owned by the company and is incorporated in the Dubai International Financial Center (DIFC). The business operates within the terms of an agreement with Mawarid Finance LLC (Mawarid), a UAE registered financial institution regulated by the UAE Central Bank. The microfinance loans provided by Mawarid are funded by a loan from Mint to Mawarid.
MCO holds the company’s 51% interest in MGEPS. In 2012, a pilot program was launched and 521 loans were made to MME LLC cardholders. A further 35 loans were made in 2013. MCO has no active operations other than its ownership interest in MGEPS.
MEPS
MEPS operates the business assets acquired from ePAY, a division of Global Business Systems for Multimedia, a UAE company operating in the point of sale (POS) terminals, mobile airtime top-up and merchant network solutions business. The company acquired, through MME LLC, a 49% ownership interest with the vendor retaining a 51% interest.
MGEPS
MGEPS carries on the new third party payment processing operations being contemplated under a revised business strategy developed to improve the company’s operations.
History
The company was founded in 2004. It was formerly known as Mint Technology Corp. and changed its name to The Mint Corporation in 2013.
