TSXV:MIT - Post Discussion
Post by
grandsvins88 on Oct 04, 2023 8:22pm
Business update ! Wow !
Business Update
Mint primarily operates its business through its 51% ownership in Mint Middle East LLC ("MME") which has made significant inroads in its effort to obtain a bank license to facilitate the launch of fintech products and services. 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.
MME continues to maintain its core operating and management team, technology infrastructure and key relationships in order to assist with launching additional products and services. 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.
Be the first to comment on this post