Australia-based Mint Payments has entered into a master services agreement with Singapore’s Asian Business Software Solutions (ABSS) to distribute, license and integrate Mint’s omni-channel payment solutions with ABSS’ MYOB branded SME software products.
Under the deal, 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 integrated into ABSS’ MYOB branded software products across Asia.
Additionally, ABSS will license the entirety of Mint’s suite of Minternet and Mint mPOS product range to offer an omni-channel payments solution to the South East Asian region.
The agreement has an initial term of three years and will cover 11 countries throughout Southeast Asia. Singapore and Malaysia are the primary markets where ABSS has 40% to 50% market share.
Mint Payments said that Singapore and Malaysia will be main areas as they are the primary markets where ABSS has 40% to 50% of the market share.
Mint executive director and head of international business Andrew Teoh said: "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."
ABSS managing director Paul Jennings said: "We aim to deliver a wide range of business solutions using innovative technology to more than 330,000 businesses and accounting practices in the Asia region."
Mint CEO Alex Teoh said: "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% of mPOS devices and transactions spend worldwide over the next five years, making it the right time for Mint to pursue these markets aggressively."