Mint Signs Deal With Singapore Debit Card Network

mint paymentsMint Payments, an Australian company specializing in payment processing solutions has entered into a partnership with Singapore’s largest debit card network to launch its mobile payment terminals. Mint’s managing director Alex Teoh called it a landmark deal which would help the company expand into the Asia continent and give it a bigger market share.

The five-year deal with Network for Electronic Transfers (NETS), which is owned by Singapore’s biggest banks, DBS Bank, United Overseas Bank and Oversea-Chinese Banking Corporation will allow Mint Payments to provide its online payments gateway and terminals to all merchants and financial institutions in Singapore.

NETS was founded in 1985 and is the national payment system of Singapore. The company was responsible for processing financial transactions worth over $S23 billion ($22.6 billion) in 2015 alone.

The new partnership will provide NETS with a Mint Payments licence to manage the distribution of Mint’s mobile payment terminals although it will continue to be under the NETS brand. The company will also act as the processor for Mint in Singapore.

Teoh called it one of the largest deals for his company, equating it in terms of significance with the contract that NETS signed with Bank of New Zealand and MYOB in 2013.

In a statement Alex Teoh said,

It is a great segue into how we want to expand in Asia because Asia is looking at what we have done in Australia with envy. We are very focused on the more-developed markets in Asia. We are having multiple conversations with potential partners in Hong Kong and Malaysia.

Mint signed its first deal in the Asian market last month when it entered into a three-year agreement with Asian Business Software Solutions which is the Asian arm of MYOB.

Mint’s share price climbed by around 20 per cent to 11¢ after news of the deal with NETS leaked last week, prompting the exchange ASX to query the drastic rise and halt trading for a couple of days.

The stock which was listed in 2007 saw a massive jump in late 2013 after its deal with Bank of New Zealand, moving up from 2¢ to over 40¢. It however lost ground after no further deals took place, leading to a major price drop to 7.9¢ in October 2014. This prompted the ASX to look into the loss and halt trading. This enquiry resulted in the company’s CEO Robin Khuda stepping down from his role after filling the position for just six months.

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