EML Collaborates With Correos On A €210 Million Spanish Government Economic Stimulus For 500,000 Youths In Culture & Arts
July 05 2022 - 10:02PM
Business Wire
EML Payments Limited (ASX: EML) and its partner and key
European client, Correos, Spain's national post office network,
will support the issuing of a government contract known as the Bono
Cultural Joven 2022 (Youth Cultural Bonus) tender. Approximately
500,000 virtual prepaid cards will be issued and loaded with a
government stimulus totalling €210 million in support of the
culture sector, which was badly hit during COVID.
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EML and its partner Correos will support
issuing a Youth Cultural Bonus government contract to around
500,000 teenagers in Spain. (Photo: Business Wire)
Direct aid of €400 on an instant virtual card, which can be
upgraded to a physical card, will be given to each eligible young
person in Spain who turns 18 in 2022. The funds can be spent on
various cultural products and activities, including the performing
arts, live music, films, libraries, museums, festivals, sheet
music, records, books, audiobooks and magazines.
The stimulus programme, part of Spain's General State Budgets,
will see €210 million pumped into the country's economy over the
next 12 months. The government will promote the new aid programme
to revitalise and stimulate the cultural sector in Spain,
guaranteeing the sustainability of the cultural and creative
industries after the negative impact of the pandemic. It also
promotes universal and diversified accessibility to culture,
promoting loyalty amongst young people to generate the habit of
consuming cultural products. Approximately 500,000 eligible
18-year-olds will receive their €400 stimulus allocation on a
virtual card via a single payment.
''We're very happy to be able to collaborate with the Ministry
to promote culture amongst young people. This project, which is
part of the Correos Prepago business line, positions Correos as a
benchmark for the delivery of social aid and financial inclusion
within the company's strategic framework of diversification,'' said
Manuel Zapatero Sierra, Director of Products & Services at
Correos.
''Our business relationship with Correos goes back a long way,
and we've achieved many milestones together. We're delighted to
continue to build on this partnership with such a significant and
important initiative in helping support the arts sector across
Spain,'' said Emilio Gutierrez, Head of Spain at EML.
EML’s economic and emergency disbursement track record extends
to governments and international aid organisations in Europe,
Australia, and the U.S. Correos is one of the leading Spanish
companies by size, presence and human capital, with 84 million post
office visitors annually across Spain, providing rapid access to
Spain's youth population.
About Correos:
Correos was born more than 300 years ago and, after continuous
adaptation to the market, today it is the leading operator in the
sector in Spain. Currently, the company's strategy is focused on
internationalisation, sustainability and digital transformation.
With nearly 51,000 professionals, the company provides services to
citizens through its network of 2,370 offices, distributing nearly
7.5 million shipments daily. The Correos Group has 3 subsidiaries:
Correos Express, dedicated to urgent parcels, Nexia, specialised in
multi-channel solutions for communications in massive companies and
Correos Telecom, in charge of the management and commercialisation
of telecommunications infrastructures. Belonging to the SEPI Group,
it is part of a business holding that encompasses a total of 15
public enterprises.
About EML Payments
EML provides an innovative payment solutions platform, helping
businesses all over the world create awesome customer experiences.
Wherever money is in motion, our agile technology can power the
payment process, so money can be moved quickly, conveniently and
securely. We offer market-leading programme management and highly
skilled payments expertise to create customisable feature-rich
solutions for businesses, brands and their customers.
Come and explore the many opportunities our platform has to
offer by visiting us at: EMLPayments.com
Read more EML stories by visiting our Newsroom:
https://www.emlpayments.com/newsroom/
Sources:
Correos Group’s key figures
https://www.correos.com/en/grupo-correos/#cifras-clave Bono
Cultural Joven website
https://www.culturaydeporte.gob.es/destacados/bono-cultural-joven.html
Spain’s Ministry of Culture & Sports’ statement
https://www.culturaydeporte.gob.es/actualidad/2022/06/220624-bono-cultural-correos.html
Correos' boilerplate
https://cswetwebcorsta01.blob.core.windows.net/uploads/2022/06/2022_06_21-NP-Correos-Market-colabora-con-Palomo-Spain-dentro-de-su-apuesta-por-el-talento-espanol.pdf
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220705005872/en/
Sarah Bowles, Group Chief Digital Officer EML Payments
Limited (ASX: EML) sbowles@emlpayments.com +61 439 730 968
Marie O’Riordan, Global Director of Public Relations EML
Payments Limited (ASX: EML) marie.oriordan@emlpayments.com /
pr@emlpayments.com +44 207 183 5856
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