Technology

Peppermint Innovation receives Filipino government e-banking approval

Wed 04 May 22, 3:09pm (AEST)
Property technology

Stocks in article

pil
MktCap:
-

Share article

Key Points

  • Bangko Sentral ng Pilipinas (Philippines Central Bank-BSP) hands Electronic Money Issuer (EMI) licence to Peppermint Innovation
  • EMI licence ratifies Peppermint as legal provider of e-commerce banking services in jurisdiction
  • Move comes as BSP targeting 70% of adult Filipinos to own bank accounts by 2023

Peppermint Innovation (ASX:PIL), a provider of e-commerce banking software, was up 5.56% an hour out from the close following its announced receipt of an Electronic Money Issuer (EMI) licence from the Bangko Sentral ng Pilipinas (Philippines Central Bank-BSP). 

The EMI licence allows Peppermint full legal remit to provide e-wallet services in the southeast Asian jurisdiction through its mobile app called 'bizmoto.'

Peppermint Innovation is strategically focused on commercialising its digital banking services to Filipino customers, a market where a high number of individuals require access to such services. 

The Bizmoto app allows users to receive and transfer payments; Bizmoto users in the country already number over 38 million. 

(Source: Peppermint Innovation) a snapshot of Peppermint's webpage for its Bizmoto product including UX
(Source: Peppermint Innovation) a snapshot of Peppermint's webpage for its Bizmoto product including UX

EMI licence allows greater business customer access 

Peppermint Innovation today notes the newly awarded EMI licence allows it to extend its services to entrepreneurs in the Philippines who may be seeking an easy way to conduct transactions in the region. 

The EMI licence also affords Peppermint Innovation greater protections in offering its complementary loan and insurance products in the region alongside its flagship e-commerce Bizmoto app. 

Corporate Social Responsibility focus 

Peppermint Innovation specifically seeks to provide its services to marginalised members of the community conducting e-commerce, including fishermen and agricultural workers, as well as to civilians employed in all sectors across the Philippines economy. 

Peppermint Innovation is soon to launch a pilot program with a local community to boost financial participation and mobility by promoting the use of Bizmoto at the community level. 

Peppermint Innovation tapping into larger BSP strategy

The country's central bank, BSP, has previously announced its vision of a Philippines economy characterised by the digitisation of up to 50% of retail transactions by 2023, and for 70% of Filipino adults to have access to digital bank accounts by 2023. 

The BSP's decision to afford Peppermint Innovation an EMI licence effectively sees the BSP greenlight Peppermint Innovation as an important player underpinning this strategy.

Peppermint Innovation's charts over three months compared to the Info Tech XIJ index
Peppermint Innovation's charts over three months compared to the Info Tech XIJ index

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

Get the latest news and media direct to your inbox

Sign up FREE