Peppermint (ASX: PIL) Set to Provide Online Payment Portal For The Largest Co-op in the Philippines

KEY TAKEAWAYS:

• Agreement finalisation has commenced with MASS-SPECC popularly known as the biggest co-operative alliance based in the third major island Mindanao, Philippines.
• MASS-SPECC comprises of 300 major cooperatives with at least 1 million participating members per coop.
• The agreement is strategically adjacent to Peppermint’s main objective in perfectly crafting financial solutions for the Filipinos.

Peppermint Innovation Limited (ASX: PIL) unveiled last March 22, 2018, its latest update on the sealed service provider agreement with the Philippines’ biggest cooperative institution, namely MASS-SPECC, aiming to serve further the underprivileged Mindanao constituents. Through the Peppermint Platform, innovation of financial access via a Mobile Payment Services app and web kit will be recognised as the Peppermint Conditional Cash Transfer Management System.
Serving as the traditional and biggest cooperative coalition in the Philippines is the Mindanao Alliance of Self-Help Societies-Southern Philippines Educational Cooperative Center (MASS-SPECC). It is consisted of at least 300 main key cooperatives with a membership quota of not less than a million per member for each cooperative.

The Peppermint Conditional Cash Transfer Management System will be designed to meet the increasing need of structural fund management innovative approach for the CCT project. CCT also offers financial assistance to poverty-stricken Filipino families in supporting payments specifically for health and educational purposes.

As part of Peppermint’s integrational steps in the Mindanao zone, a mobile app will be created to easily introduce mobile financial options for all MASS-SPEC members and designated affiliates accordingly. The state of the art payment solution is strategically coined to enable efficaciously monitor and handle financial dispersion for the CCT transactions and significantly let MASS-SPECC regulate CCT services in different fields as well.

Hence, MASS-SPECC will fully benefit with the seamless payment solutions in overseeing numerous programs in relation to the distribution of different kinds of government or private financial sources or mortgages.

“The CCT management system will improve MASS-SPECC’s current process of disbursement by providing tellers with an android application that is installed on their devices to allow them to easily identify the beneficiaries of the cash transfer. The system will also update the status of the payout, giving MASS-SPECC real-time data. The project is also consistent with Peppermint’s business objective to create financial inclusion for Filipinos without bank accounts that live in regional and rural areas of the Philippines.” stated by Mr Chris Kain, CEO and Managing Director of Peppermint Innovation.

About Peppermint Innovations Ltd (ASX: PIL)

Peppermint Innovation Limited operates an established mobile phone-based banking, payments and remittance platform in the Philippines.

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