Shares in fintech Mint Payments are soaring on a Singapore deal

Singapore shopping. Cameron Spencer/Getty Images

Shares in Mint Payments jumped when the fintech came out of a trading halt to announce a deal with Singapore’s NETS (Network for Electronic Transfers).

A short time ago, the shares were up 9% to $0.12. The company went into a trading halt on Friday after being queried by the ASX on the reason for a sharp rise in the company’s share price.

NETS is an electronic payments started in 1985 and owned by Singapore banks, DBS Bank, OCBC Bank and UOB. One in three Singaporeans use NETS everyday to make payments.

Mint now has a five year-agreement with NETS covering Mint’s payment solutions.

Under the deal, Mint will work on Singapore’s first NETS branded solution to enable merchants to accept all major credit cards and NETS debit cards.

Andrew Teoh, Mint’s head of international business, says partnering with NETS gives Mint a significant step forward in Asia.

“We are pleased to be working with Singapore’s largest merchant acquirer and only debit card provider,” he says.