S2M and payment solutions provider Mint have partnered as part of Mint’s growth strategy. To be more precise, Mint and S2M have entered into a long-term collaboration to launch a modular core banking platform that emphasizes cloud-agnostic features, high configurability, and API-first architecture.
Abdulrazzaq Al Abdullah, Chairman & CEO of Mint Group said: “The company’s focus under this partnership is on moving towards advancing financial inclusion and digital transformation. This enhances the lives of underserved individuals and Micro Small and Medium Enterprises (MSMEs) across the region.”
The company has made great progress toward its goal of establishing cutting-edge digital banking services with S2M’s help. It seeks to provide innovative solutions that lower living expenses for people and stimulate company growth.
Based on their track record of achieving results and their shared values of flexibility and customer-centricity, Mint selected S2M as a partner. As part of this partnership, S2M’s most recent cloud-native electronic payment technologies will be integrated into the systems that currently house financial solutions.
Mohamed Amarti, Executive Vice President at S2M added: “This collaboration aims to provide flexible solutions that instill confidence, trust, and comfort ensuring seamless integration and empowering users with innovative banking experiences.”
EY estimates that there will be 557,000 SMEs in 2022, of which about 366,000 will be on the mainland. By 2030, there should be one million SMEs in the UAE.
SMEs make up 94.4% of all companies in the UAE and contribute 63.5% of the GDP that is not related to oil. The potential addressable market for Mint is comprised of 85% of the underserved SMEs in the mainland. According to a survey by EY, 62% of SMEs say they require loans more quickly. 75% want quick digital onboarding, 72% are interested in trusted advisory services, and 75% want their providers to be excellent at the fundamentals.
Similarly, the UAE has a thriving population from a retail standpoint. However, many of them have difficulty navigating the disjointed financial institutions’ ecosystem to obtain financial services. Ten million people will live there in 2022, of which about 65% will be employed. Of these, 5.8 million will be Mint’s target market for promoting financial inclusion through highly customized products. Just two million of the seven million bank customers have access to credit facilities, and there are very few creative credit models. According to Mint’s research, the industry is confronted with several significant challenges, such as disjointed offerings, irregular procedures, elevated expenses for banks, inadequate consultation services, and restricted availability of credit facilities. According to Mint, it is ready to take on these obstacles and reinvent its services by introducing add-ons that cater to changing customer demands.
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