Innovative Payment Solutions, Inc. announces 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. 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.