Peppermint to access over 1m Filipinos in tech deal

ASX listed fintech, Peppermint Innovation, has signed a potentially transformational service provider agreement with the largest cooperative federation in the Philippines.

The deal brings more than one million potential Filipino customers into play for the Perth based financial payments APP provider.

In a recent market update, Peppermint said it will develop a mobile financial services app and web tool for “MASS-SPECC”, the oldest cooperative federation in the Philippines, encompassing more than 300 affiliated cooperatives and one million individual members.

MASS-SPECC is shorthand for the Mindanao Alliance of Self-Help Societies -Southern Philippines Educational Cooperative Centre,

Peppermint said the app, to be known as the ‘Peppermint Conditional Cash Transfer Management System’, will assist MASS-SPECC to manage funds for the Philippine Government’s Conditional Cash Transfer program, or CCT, that provides financial support to poor Filipino families in order to assist them to pay for vital health and educational requirements.

In the market update the company said: “Peppermint will then aim to integrate added functionality into the app to provide mobile financial services for MASS-SPECC, its members and other partners in the underserved Mindanao region.”

MASS-SPECC owns assets worth an estimated AU$1.73 billion and provides financial services, capacity building programs, consultancy services, training, IT services and agri-based enterprise programs to stimulate growth and create quality of life for its members.

Peppermint said the deal dovetails perfectly with its business objective to create financial inclusion for the Filipino people by enabling cash payments using their mobile phones – particularly for those that still don’t operate a bank account.

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Source: Peppermint to access over 1m Filipinos in tech deal | The West Australian