The Mint Corporation has announced that its majority owned subsidiary Mint Middle East (MME) has established an insurance brokerage business in the UAE.
MME recently received preliminary approval from the regulatory authority to become a licensed insurance brokerage company in the UAE. The approval allows Mint to receive a trade licence and complete further procedures to function as a licensed insurance brokerage in the UAE.
Mint believes that the sale of health insurance will become one of its key recurring revenue sources, after the authorities made health insurance mandatory in the UAE. About five million expatriate workers have access to mandatory health insurance.
Mint also believes that macro factors prevailing in the UAE are favourable to the expansion of the overall insurance industry. Infrastructure developments and revival of the economy, along with increasing transparency across the sector, are boosting the prospects of the insurance industry in the UAE.
The Mint Corporation, through its majority owned subsidiaries, is a globally certified payments company headquartered in Toronto, Canada, with its primary business in Dubai. Mint Group intends to offer a comprehensive suite of services through the mobile wallet, including remittance, overdraft, loans, mobile phone top-up, rewards, and insurance, among others.