MASS SPECC is a what we refer to as a “cooperative”, and those people that grew up on farms grew up in the country in Australia will understand what a cooperative is. It's a group of members, it's not for profit, and effectively provides the members of that cooperative either buying power or services that they can't usually access. MASS SPECC is based in Mindanao. Mindanao is the second largest island of the 7,000 in the Philippines. It has a population of about 25-26 million people - so the size of Australia effectively across this one Island.
What MASS SPEC are doing is they provide services to their members with a regional and rural focus. They provide services to their members who need potentially to receive grants from the government, for instance, for agricultural inputs - who need to receive pay into their wallets or into their pockets effectively, that’ll allow them to buy inputs to the businesses that they’re providing.
So what we're doing with MASS SPEC is based around our electronic money wallet, our EMI licence. We are providing MASS SPEC a white label mobile app that allows them to deliver services, a whole range of services to their members via what they call the Pinoy Coop App, which effectively is powered by Peppermint, built on Bismoto.
So it's a white label offering. Every time they perform a transaction - so every time a member of MASS SPEC gets money put into their wallet, for instance; every time they pay a bill; every time they want to transfer money to their Mum or their Dad or whoever the case may be; every time they would like to buy some mobile airtime; every time they want to lodge an insurance claim or receive an insurance claim - it goes through the wallet. And that wallet effectively is our wallet, and that’s the electronic money issuer licenced wallet.
So every time a transaction is performed it goes across our platform as we provide the front end and the back end, and we earn a fee of circa 10c per, Australian. So each click equates to about 10c Australian.
Now across the MASS SPECC member base there’s 1.6 million members. So you don't have to think too long and hard about how often, if a MASS SPECC member does four transactions a month, how quickly that revenue base can build up for us.
Where we stand at the moment is our aim is to be delivering this project and actually going live into production on this project in December of this year. So we're not that far away. And we look forward to very quickly building and working with MASS SPECC and getting to as many of those 1.6 million members and providing mobile app service as soon as possible.
Chris Kain, from the latest interview)
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