Mint, a leading payment solutions provider in the United Arab Emirates, has announced a strategic partnership with S2M as part of its ambitious expansion plans. This long-term collaboration aims to introduce a modular core banking platform characterized by an API-first architecture, cloud-agnostic capabilities, and high configurability.
Abdulrazzaq Al Abdullah, Chairman and CEO of Mint Group, highlighted the partnership’s focus on advancing financial inclusion and digital transformation. “Our mission under this partnership is to enhance the lives of underserved individuals and Micro, Small, and Medium Enterprises (MSMEs) across the region,” said Al Abdullah. “In collaboration with S2M, we are taking significant strides towards establishing innovative digital banking services that reduce living costs for individuals and drive economic growth for businesses.”
Al Abdullah emphasized that Mint chose S2M based on shared values of customer-centricity, flexibility, and a proven track record of results.
He noted that both companies share a like-minded management philosophy. This collaboration will see existing financial solution systems revamped with S2M’s latest cloud-native electronic payment technologies, which have served over 200 financial institutions globally, demonstrating a commitment to innovation and reliability.
Mohamed Amarti, Executive Vice President at S2M, expressed enthusiasm for the partnership. “This collaboration aims to provide flexible solutions that instill confidence, trust, and comfort, ensuring seamless integration and empowering users with innovative banking experiences,” said Amarti.
According to Ernst & Young (EY), there were 557,000 SMEs in the UAE in 2022, with approximately 366,000 SMEs on the mainland. Mint’s research indicates this number is expected to grow to one million by 2030.
The Central Bank of the UAE’s (CBUAE) annual report for 2022 highlights that SMEs contribute 63.5% to the non-oil GDP and represent 94.4% of companies operating in the UAE. Approximately 85% of these underserved SMEs on the mainland represent a significant addressable market for Mint.
EY’s study reveals that 62% of SMEs need faster credit, 72% seek trusted advisory services, 75% desire swift digital onboarding, and 75% want providers to excel in the basics.
From a retail perspective, the UAE has a vibrant population, yet a significant portion struggles to access financial services within a fragmented ecosystem of financial institutions.
With a population of 10 million in 2022, approximately 65% are part of the workforce, of which 5.8 million represent Mint’s target market for advancing financial inclusion through hyper-personalized offerings.
Despite seven million bank customers, only two million have access to credit facilities, with a noticeable lack of innovative credit models.
Mint’s research identifies key challenges in the industry, including fragmented products and services, inconsistent processes, high costs for banks, insufficient advisory services, and limited access to credit facilities. Mint aims to address these challenges by offering add-on services that meet evolving needs.
Mint’s extensive experience spans over a decade in payment processing. The company embarked on a transformative journey in 2020, divesting its business to pave the way for a fresh start.
Now, as a greenfield company, Mint is poised to reimagine the future of financial services. Drawing from its past experience, which includes serving over 600,000 customers and partnering with 6,000 telco merchants, Mint is ready to innovate and lead the way forward.
