Carta Announces Formation of Middle East Transaction Processing Company

In Mobile Solutions, Press Releases by Carta Worldwide

Carta Worldwide, an international leader in transaction processing technology, announces today that the Company has signed a binding Memorandum of Understanding with Mint Technology Corp. (“Mint”), for the formation of Mint Global Processing LLC (MGP). MGP will be owned 55% by Mint and 45% by Carta Worldwide.

 

The new company will utilize Carta’s processing technology platform, to extend capability for processing a range of mobile banking and other financial products throughout the Middle East and North Africa (MENA) for other financial institutions.

Business will only commence following certification and approvals from both the Central Bank of UAE and MasterCard as a Third Party Processor (TPP), which are now underway.

Carta Worldwide Founder, Brian Semkiw, said today, “We are co-investing with Mint to form this new Company to take advantage of the extraordinary opportunities Mint has developed in the MENA region. The development of a full service transaction processing platform utilizing Carta’s next generation technology we expect will place this new venture in a highly competitive position to expand the range of payment solutions Mint offers to this market.”

Mint Executive Chairman, Chris Hogg, said today, “Mint’s business growth strategy includes extending our fast growing prepaid card management business into transaction processing and we chose Carta’s technology to be the engine for Mint Global Processing after a thorough review of a number of competing software solutions and are very impressed with the next-generation platform they have built. This platform will enable MGP to offer an interoperable, market ready solution with NFC, EMV and chip based multi-application technology including online/offline, micro payments, data mining, dynamic F/X, fraud and security, micro financing and mobile banking solutions.”

Carta expects to make further announcements as required with regards to the new MGP Company as approvals and certifications proceed.