The Philippines’ largest regional cooperative foundation has kicked off live production testing of Peppermint bizmoto Inc’s EMI financial services platform.  

Fintech company Peppermint Innovation (ASX:PIL) has announced MASS-SPECC Cooperative Development Center has kicked off closed loop live production testing of Peppermint bizmoto’s  Electronic Money Issuer (EMI) financial services via its Pinoy Coop mobile app.

PIL said the live trial is being rolled out to a select number of MASS-SPECC staff in two cooperatives to assess the inter-cooperative transactions of their app.

PIL said the live trial will monitor any issues within the system and determine if the production environment is operating efficiently.

When satisfied, MASS-SPECC will register all their employees in the system to participate in a live trial.

MASS-SPECC aims to initiate a full commercial launch of the Pinoy Coop app in May.

At this stage, the Pinoy Coop app will appear in app stores for public access.

MASS-SPECC has been working with a legacy appointed third-party provider to integrate Peppermint bizmoto’s EMI financial platform into MASS-SPECC’s Pinoy Coop e-wallet.

PIL said the third-party provider has taken longer than initially forecast to finalise the full integration of Peppermint bizmoto’s EMI financial services platform and complete all necessary testing.

PIL has been working closely with MASS-SPECC’s appointed technical third-party provider and completed every integration task in a timely manner, but said it has no control over the timeframe of MASS-SPECC’s commercial launch.

Five-year exclusive deal

In October 2022,  PIL announced its 100% subsidiary Peppermint Bizmoto Inc,  had inked a five-year exclusive agreement with MASS-SPECC,  for its 1.6 million members to use its electronic money services.

Under the deal, MASS-SPECC users will be able to complete cash-in and cash-out transactions, transfer direct from the bizmoto wallet to another bank as well as access other e-wallet financial services – all directly from the bizmoto wallet.

In 2021 alone, MASS-SPECC’s ATM cash-outs accounted for almost two million transactions or an average of 166,000 transactions per month.

The two million transactions were attributed to only ~380,000 ATM card-holding members of MASS-SPECC’s 1.6 million individual members.

PIL aims to onboard ~480,000 MASS-SPECC members to bizmoto’s EMI financial services platform in the first 12 months of full commercial operation.

However,  the level of take-up is completely dependent on MASS-SPECC and their co-op and individual members.

Further growth is forecast in the second and subsequent years, creating a significant opportunity to provide all new co-op members with the ability to access bizmoto’s EMI financial services.

PIL and MASS-SPECC are looking to promote co-op products and services through the bizmoto digital community which aims to build a network under the bizmoTinda and bizmoGo digital services.




This article was developed in collaboration with Peppermint Innovation, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.