Digital banking licence soon ?''The term of MME's non-compete period from its previously announced divestment of its card portfolio has expired. Accordingly, MME is also evaluating the launch of additional fintech products and services, including payroll products, in partnership with other financial institutions. It is expected that these products will be complementary to obtaining a bank license in the UAE.''
''In January, 2023, MME applied for a banking license in United Arab Emirates and has made significant progress in this initiative with market regulators in the United Arab Emirates. Given the highly complex nature of this initiative, including capital and regulatory process involved, there is no assurance that MME will be successful in obtaining a bank license to operate in the United Arab Emirates.''
Last MD&A report : ''This digital banking platform in conjunction with our card management platform, payment gateway and merchant management platforms will round out Mint’s technology across the full spectrum to service banks, small business clients and personal clients. UAE Central Bank has announced a new licensing scheme for neo banks that are interested in launching digital banks in UAE. Mint UAE is actively pursuing to acquire a license under the new scheme for digital banks announced by UAE Central Bank. Having both the technology platform and a digital banking license will reduce Mint UAE’s dependence on partner banks to launch new products and services and can also enhance the value of Mint UAE business. ''