- Peppermint Innovation’s (PIL) subsidiary signs an exclusive agreement with the Philippines’ largest regional cooperative federation
- Peppermint Bizmoto Inc signed the five-year deal with MASS-SPECC Cooperative Development Centre for its 1.6 million members to use Bizmoto’s electronic money issuer (EMI) financial services
- Through the agreement, Peppermint will receive an integration payment of around $40,000 and earn on-going fees on a revenue share basis for each transaction
- Peppermint says technical planning, development and integration is now underway, with services set to launch within the next four months
- Peppermint Innovation is trading steady at 1.3 cents at 11:31 am AEDT
Peppermint Innovation’s (PIL) subsidiary has signed an exclusive agreement with the Philippines’ largest regional cooperative federation.
Peppermint Bizmoto Inc signed the five-year deal with MASS-SPECC Cooperative Development Centre for its 1.6 million members to use Bizmoto’s electronic money issuer (EMI) financial services.
Through the agreement, Peppermint will receive an integration payment of around $40,000 and earn on-going fees on a revenue share basis for each transaction.
The contract allows MASS-SPECC to launch its own digital transformation program via its PinoyCoop app, where Bizmoto will provide MASS-SPECC users access to EMI financial services.
Bizmoto’s financial services will also provide a convenient and safe way to complete ‘cash-in’ and ‘cash-out’ transactions, without using a MASS-SPECC ATM.
In 2021 alone, MASS-SPECC’s ATM cash-outs accounted for almost two million transactions.
MASS-SPECC co-op members will also be able to access Bizmoto e-wallet financial services, including the collection of payment for local billers, electronic load and the release and collection of co-op loans.
“This MASS-SPECC agreement is incredibly significant as it represents the first deal that Peppermint Bizmoto has signed since being awarded its EMI license in May 2022 by the Central Bank of the Philippines,” Peppermint Managing Director and CEO Chris Kain said.
“As part of a dedicated digital transformation program MASS-SPECC aims to onboard circa 480,000 members and more than 100 of its 335-member cooperatives in the first 12 months.”
“Further growth is forecast in the second and subsequent years, creating a significant opportunity to provide all new cooperative members with the ability to access Bizmoto’s EMI financial services.”
Peppermint said technical planning, development and integration is now underway, with services set to launch within the next four months.
Peppermint Innovation was trading steady at 1.3 cents at 11:31 am AEDT.