United Overseas Bank (Malaysia) has signed a heads of agreement with Mint Payments Asia, a wholly owned subsidiary of Australian payment solution provider Mint Payments.

Under the terms of the contract, Mint Payments will supply its payment systems, services and hardware to UOBM and provide a fully compliant and all-in-one multi-channel payment solution.

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The bank has agreed to a minimum monthly order commitment upon commencement of the payments service provided by Mint.

Additionally, UOBM will pay Mint monthly software and terminal activation fees, hardware and transaction fees over an initial three year term, with an option to renew on a yearly basis afterwards.

UOBM will leverage Mint’s payment solution to establish a more digitally-centric market position in the domestic market.

Mint said it will also allow the bank to comply with Bank Negara Malaysia’s requirements.

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Mint CEO Alex Teoh said: “This heads of agreement is a significant milestone for the company, as it continues to execute its strategy of growing Mint’s presence in key markets in South East Asia.

“Malaysia is a large and strategic market opportunity, particularly due to the rapid adoption of smartphones, the growth in online businesses and Bank Negara’s Payment Card Reforms which are aimed at reducing the cash economy and providing greater transparency and accountability for the nation’s economy.”

The execution of a master services and license agreement, formalising the commercial terms agreed in the heads of agreement, is likely to be agreed with UOBM and executed by the 31 of March 2018.