Mint, a leading payment solutions provider, has formed a strategic partnership with S2M, a global provider of modular core banking platforms, to expand its reach in the United Arab Emirates (UAE). This collaboration aims to introduce cutting-edge financial services to the region, with a focus on digital transformation and financial inclusion.
According to Ernst & Young (EY), the UAE housed 557,000 SMEs in 2022, with approximately 366,000 operating in the mainland, a figure expected to soar to one million by 2030. The Central Bank of the UAE’s (CBUAE) annual report for 2022 highlights that SMEs contribute a substantial 63.5% to the non-oil GDP and make up 94.4% of all businesses in the UAE. Of particular interest to Mint is the potential addressable market represented by the 85% of underserved mainland SMEs.
EY’s study reveals pressing needs within the SME sector, with 62% expressing a desire for expedited credit processes, 72% seeking trusted advisory services, 75% demanding swift digital onboarding, and an equal percentage expecting excellence in fundamental financial services. The retail landscape in the UAE, with its sizable population of 10 million in 2022, of which approximately 65% are part of the workforce, presents another focal point for Mint. With 5.8 million potential customers in its sights, Mint aims to advance financial inclusion through highly personalized offerings.
Armed with a decade of experience in payment processing and a legacy of serving over 600,000 customers and partnering with 6,000 telco merchants in the acquiring space, Mint is well-positioned to tackle these challenges head-on. Having divested its business in 2020 to pave the way for a fresh start, Mint is now poised to innovate and lead the evolution of financial services into a more inclusive and efficient future.
