MASS-SPECC Cooperative Development Center

COOP MONITOR Q3 - Socmed Post (2)

MASS-SPECC, Peppermint unite in strategic partnership toward digital financial inclusion

CAGAYAN DE ORO CITY, PHILIPPINES — MASS-SPECC Cooperative Development Center (MASS-SPECC) and Peppermint Innovation Ltd, a trailblazer in financial technology, have recently formed a significant and enduring five-year strategic partnership to bridge the digital financial gap in the co-op movement.

In this landmark collaboration, Peppermint is poised to deliver MASS-SPECC’s transformative Pinoy Coop Mobile App, underpinned by a comprehensive suite of services. This cutting-edge app will bear the insignia “Built on Bizmoto | Powered by Peppermint” and promises to reshape the digital financial landscape.

The partnership’s first phase will enable Pinoy Coop Mobile App users to seamlessly conduct “cash-in” and “cash-out” transactions, facilitate fund transfers between the Pinoy Coop Mobile wallet and Pinoy Coop ATM accounts, and access a wide array of financial services, including bill payments, mobile phone top-ups, and interbank transfers through InstaPay and PESONet.

In the second phase, Peppermint and MASS-SPECC will collaboratively explore the integration of additional Bizmoto services, encompassing loan applications, loan monitoring, co-op service logistics, appointment scheduling, QR code functionality for the Philippine market, domestic and international remittances, and the establishment of e-wallet service connectivity for co-operatives.

The agreement also fosters discussions surrounding potential collaborations involving proprietary Bizmoto services such as BizmoLoan, BizmoTinda, and BizmoGo.

The genesis of this strategic partnership can be traced back to Peppermint’s initial five-year agreement with MASS-SPECC in October 2022, primarily aimed at delivering EMI financial services to power the backend of the Pinoy Coop Mobile App.

In 2021 alone, MASS-SPECC facilitated nearly two million transactions, averaging 166,000 monthly. These transactions served approximately 380,000 ATM cardholders among MASS-SPECC’s 1.6 million members.

MASS-SPECC CEO Bernadette O. Toledo said: “MASS-SPECC is pleased to partner with Peppermint as we launch our program of digital transformation. Being the largest regional co-operative federation, MASS-SPECC has more than 1.6M individual members representing 343 member co-ops who will stand to benefit from this partnership with Peppermint Innovation.”

Since the start of this year up to June, MASS-SPECC has processed Php9.1 billion in cash withdrawals, bill payments, and fund transfers. Beginning 2015, MASS-SPECC has handled more than 30 million transactions.

“We are excited about the prospects of a highly productive partnership in the days ahead,” Toledo shared.

Peppermint’s Managing Director and CEO Chis Kain emphasizes the strategic significance of this partnership: “Today’s announcement represents a pivotal moment for both Peppermint and MASS-SPECC. It secures our command over the end-to-end execution of this mobile technology solution, guaranteeing the delivery of the Pinoy Coop Mobile App in direct collaboration with MASS-SPECC.”

Kain added: “This strategic partnership agreement now crystallizes that commitment, and we are better positioned than ever before to bring this vision to fruition.”

Given MASS-SPECC’s extensive member base, Kain expresses a sense of urgency: “We are profoundly eager to see the Pinoy Coop App deployed expeditiously, with our target being the end of this year. Ongoing dialogues with MASS-SPECC are exploring how our EMI license and established mobile app fintech platform can contribute to their broader vision and strategic initiatives for their co-ops and members.”

Peppermint and MASS-SPECC unite not merely for commercial endeavors but to usher in a new era of digital financial inclusion, to realize the co-op movement vision of “All Members Enjoy Better Quality of Life.”

This partnership embodies a commitment to innovation, resilience in the face of challenges, and a profound desire to empower millions.