The Mint Corporation (TSXV:MIT) intends to offer the blockchain-powered remittance solution to further deepen its relationship with licensed exchange house partners in the United Arab Emirates (UAE)
SmallCapPower | April 25, 2018: The Mint Corporation (TSXV:MIT) announced on April 25, 2018, that its subsidiary, Mint Block Corp., is engaged in advanced discussions with a leading blockchain-powered platform to develop a global money remittance solution using blockchain technology. The talks involve existing remittance bank partners that will commercially deploy Mint’s remittance solution.
Remittance is money that is sent from one party to another, usually electronically, often as a gift or as payment for goods or services. Many lower-income workers don’t have a bank account, also known as the ‘unbanked’, and thus rely on remittance to send wages to family members in another country.
Mint Corporation currently provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for unbanked employees in the United Arab Emirates (UAE). Mint’s majority-owned subsidiary, Mint Middle East LLC, today has a cardholder base of more than 400,000 migrant workers in the UAE and is the preferred payroll platform for several licensed exchange houses in the UAE.
According to the World Bank, money remittance from the UAE is a US$33 billion opportunity, and the Central Bank of the UAE has stated that more than 75% of the total money remittances in the UAE happen via licensed exchange houses. Mint’s technology platform is already integrated with several of the leading exchange houses in the UAE.
“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 the UAE will allow Mint Block Corp to learn, develop and demonstrate this remittance solution for the banks and credit unions in other markets outside the UAE and potentially add a new line of business and, in turn, provide a revenue accretive opportunity,” said The Mint Corporation President and CEO Vishy Karamadam in a statement.
Blockchain technology is expected to make the remittance process simpler, more efficient, and cost effective. The Mint Corporation 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.
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