Ottawa's Telepin Software will power a "mobile money service" for Papua New Guinea.
The software company, which deals in mobile money transactions, will see its technology used in Digicel Group's recently launched "cellmoni."
The product lets people in the country wirelessly transfer funds to anyone else in Papua New Guinea, withdraw and add funds to their accounts and receive salary payments, among other things.
This follows on from two other products offered from the two companies: MobileSMK and MiCash, both used by Nationwide Microbank, the first licensed financial institution in Papua New Guinea using mobile money.
Since most of the bank's clients are in rural areas, mobile offerings are especially important, Nationwide Microbank stated.
"As 85 per cent of Papua New Guineans do not have access to financial services; MiCash is an initiative of Nationwide Microbank to "bank the unbanked," stated Tony Westaway, managing director of Nationwide Microbank.
Telepin topped OBJ's list of Fastest-Growing Companies in 2009 and has signed deals in the United Arab Emirates, the south Pacific and Africa.