ASX-listed Peppermint Innovation gets e-wallet licence in the Philippines

Photo by JR Padlan on Unsplash.

Peppermint Innovation, an Australia-listed fintech firm, announced that its unit, Peppermint bizmoto, has been granted a licence to operate as an electronic money issuer (EMI) by the central bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP).

The licence allows Peppermint bizmoto to offer app-based e-wallet services to users in the country via its platform. Peppermint said it will target small businesses and underserved Filipinos.

User can also apply for bizmoPay loans, purchase bizmoProtect micro-insurance policies, and future bizmoto platform products and services.

The accreditation allows Peppermint and bizmoto users to join the 38.881 million Filipinos that are transacting digitally. It also followed bizmoto’s integration with fund transfers services such as InstaPay and PESONet and with non-banking institutions for cash-in and cash-out services.

“The issuance of an EMI licence for Peppermint will, ultimately, deliver significant value to the Company and to the communities we operate in,” managing director and CEO Chris Kain said.

Peppermint said it will soon start a pilot program to attract members of a local community to use bizmoto for their digital and mobile payments as an alternative to cash transactions.

Peppermint bizmoto now joins 72 BSP-licenced EMIs in the Philippines. The BSP wants 50% of retail payments done online and 70% of Filipino adults to have transaction accounts with financial institutions by 2023.

A survey conducted by the BSP in 2020 showed that the Philippines has among the lowest banking penetration in Southeast Asia, as the number of unbanked Filipino adults is estimated at 51.2 million, out of a total adult population of 72 million in 2019.

“The BSP says this shift can be made by offering customers faster and more affordable payment options that provide greater convenience, which is exactly what the Peppermint-powered bizmoto platform is all about,” Kain added.

In April, Singapore-based payables software startup Spenmo announced that it has received an Operator of Payment System (OPS) licence from the BSP.

The licence enables Spenmo to offer its payments services to businesses in the Philippines, helping them manage spending by tracking company cards, automate invoice payments, and digital ledgers.

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