Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 7, 2025, Richard Rosenblum provided written notice to the board of directors (the "Board") of Innovative Payment Solutions, Inc., a Nevada corporation (the "Company"), of his resignation as President, Chief Financial Officer, Secretary, and as a member of the Board, effective immediately.

Also on January 7, 2025, the Board, pursuant to the powers of the Board provided for under applicable Nevada law and the Company's bylaws, appointed William D. Corbett, the current Executive Chairman of the Company, to the additional office of Chief Executive Officer of the Company. Accordingly, Mr. Corbett will serve as the Company "principal executive officer" for all general corporate purposes and for Securities and Exchange Commission reporting purposes. The Board also approved an extension of the term of Mr. Corbett's employment agreement with the Company by one year, with a term expiring on December 31, 2025. The Company has commenced as search for an individual to serve as the "principal accounting officer" of the Company for Securities and Exchange Commission reporting purposes.

In connection with Mr. Rosenblum's resignation, the Board also approved the issuance to Mr. Rosenblum of a convertible promissory note in the principal amount of $210,500, representing accrued wages owed to Mr. Rosenblum. The Board also approved the issuance to Mr. Corbett of a convertible promissory note in the principal amount of $247,000, representing accrued wages owed to Mr. Corbett. The Company and Messrs. Rosenblum and Corbett are working to finalize and document the terms of such convertible promissory notes. The company also completed a round of financing with a convertible promissory note in the principal amount of $125,000 with an institutional investor.