Payments processing technology provider, Mint Payments (ASX: MNW), has inked a master services agreement with Asian Business Software Solutions (ABSS) in Singapore to distribute, license and integrate Mint’s omni-channel payment solutions with ABSS’ MYOB branded SME software products.
Under the agreement, Mint will receive an annual license fee from ABSS and a proportion of the monthly and transaction fees from the users of the Mint payment solutions incorporated into ABSS’ MYOB branded software products throughout Asia.
In addition, ABSS will license the entirety of Mint’s suite of Minternet and Mint mPOS product range.
The agreement, with an initial term of three years, will cover 11 countries throughout South East Asia, but Singapore and Malaysia will be key focus areas as they are the primary markets where ABSS has a large number of business customers.
Mint executive director and head of international business, Andrew Teoh, said the partnership will seek to capitalise on the increasing digitisation and computerisation of the developing markets in Asia and the growth and appetite for eCommerce and mobile payments in these markets.
“Following on from our successful partnership with MYOB in A/NZ, we are delighted to have signed with ABSS. We look forward to delivering the first comprehensive omni-channel payment solution to its leading network of small and medium sized businesses in the region.
“This agreement with ABSS is an excellent first step for Mint as we continue to execute on our strategy, which includes expanding into key markets in Asia,” he said.
Mint CEO, Alex Teoh, added that the region is also experiencing regulatory and structural change with the region’s central banks looking to displace cash and increase card and electronic payment acceptance.
“As we have witnessed in A/NZ, chip and PIN as well as contactless payments are becoming a necessity. With the rise of physical card and electronic payments in the region, we see similar adoption and growth rates experienced in Australia, being reflected in these South East Asian markets.
“However, the market size and opportunity will be far greater. The region is expected to account for approximately 20 per cent of mPOS devices and transaction spend worldwide over the next five years, making it the right time for Mint to pursue these markets aggressively,” he said.
ABSS managing director, Paul Jennings, mentioned the partnership between Mint and ABSS is the first of its kind in the South East Asian market to take advantage of the structural change and places Mint and ABSS’ MYOB customers in a prime position to capitalise on the opportunities in the region.
“We aim to deliver a wide range of business solutions using technology to more than 330,000 businesses and accounting practices in the Asia region. We are pleased to partner with Mint to continue to transform and modernise business management systems for our customers,” he added.