Innovative Payment Solutions Announces a Non-Binding Letter of Intent with BC Remittance, Ltd. in a Strategic Partnership to Provide Electronic Money Transfers to the Philippines

Innovative Payment Solutions Announces a Non-Binding Letter of Intent with BC Remittance, Ltd. in a Strategic Partnership to Provide Electronic Money Transfers to the Philippines

CARMEL by the Sea, CA, September 9, 2021 – Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a California-based fintech company focused on building a 21st-century universal digital payment platform, IPSIPay, announces today that its recently filed company in London, IPSIPay (UK) Limited, entered into a non-binding Letter of Intent (LOI) with BC Remittance Limited (“BC Remit”) in a strategic partnership to provide electronic money transfers to the Philippines.

BC Remit is an Authorized Payment Institution (API) that enables it to issue e-money as a digital equivalent of cash, stored on a financial platform or an electronic device. As an API, BC Remit has the ability to rapidly and securely send money directly to the Philippines, the fourth largest remittance recipient market with annual remittances of $35 billion. This opens a large and growing market opportunity for Innovative. In addition, because BC Remit is a low-cost provider of remittances, money transfer fees are low at around 1%, significantly below the cost of traditional providers many of which charge as much as 8% or more.

Our potential partnership with BC Remit is a big step in our focus to provide remittance solutions in the largest corridors including Mexico, the Philippines, and India. BC Remit will allow us to utilize their rail in sending remittances to the Philippines as well as handling the last mile for our customers in the Philippines. It also provides us with the ability to file for EMI (Electronic Money Institution) designation in other locations such as the UK and the EU,” commented William Corbett, CEO of Innovative Payment Solutions, Inc. “Once approved, the dual currency EMI will allow IPSI to hold customer funds and facilitate electronic remittances through our proprietary E-wallet, thereby increasing our market share and margins. In the meantime, we will be collaborating with BC Remit to integrate our technology within its network to expand our capabilities to better serve these underserved end users, providing superior technology at a reasonable cost.”

The Philippine market is the fourth largest remittance market and fits well with the Company’s corporate mission to provide low-cost financial solutions that enable the underbanked to securely send money to anyone anywhere at any time.

Our contemplated partnership with Innovative Payment Solutions provides a significant opportunity not only between our two companies but also for our mutual customers to achieve lower-cost money transfers across multiple geographies,” added Oliver Calma, founder, and CEO of BC Remit.

About Innovative Payment Solutions, Inc

Innovative Payment Solutions, Inc. strives to offer cutting-edge digital payment solutions for consumers and service providers. Innovative Payment Solutions Inc.’s ecosystem will span multiple devices such as self-service kiosks, mobile applications, and POS terminals offering alternative payment methods to meet the needs of consumers and service providers. (investor.ipsipay.com)

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate, “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or other comparable terminology and include statements regarding the annual meeting and information regarding the planned ecosystem. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to accelerate and expand the late-stage development of our digital platform, our ability to roll out later this summer of our all-in-one solution as planned, our ability to launch our kiosks rollout program in Southern California as previously planned before COVID-19, our ability to position the Company for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

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