Peppermint surges on Philippines licence
Shares in mobile banking, payments and remittance technology company Peppermint Innovation rose by more than 30% on the ASX yesterday, after receiving a remittance licence from the Central Bank of the Philippines for its MyWeps application. MyWeps is a mobile payments and remittances application developed and powered by Peppermint in the Philippines.
The MyWeps app is now available on Google Play initially to the 1Bro Global agent network, which consists of up to 90,000 agents and 40 business centres across the Philippines, prior to other agent networks, co-operatives and similar organisations identified as suitable proponents of the platform. It launched commercially on Google Play on April 1 and to now 1,000 super agents have downloaded the app.
CEO Chris Kain said: The remittance licence application for the MyWeps app to be used by a large mobile agent network unattached to a bricks and mortar network is the first such licence application to be made to the Bangko Sentral ng Pilipinas (Central Bank of the Philippines BSP), which stated that the MyWeps app is the first of its kind in the Philippines market and that it would promote financial inclusion which is their focus.
Peppermint is now considered as one of the countrys financial inclusion partners by the BSP, and has been invited to join their regular national strategy for financial inclusion tactical plan meetings with the private sector.
These meetings are spear-headed by the BSP governor and chairman of the monetary board and the key officers of the committee which reports on the progress of the BSP in terms of regulatory measures and support on the national strategy on financial inclusion. A key focus of the NSFI is providing financial services to the unbanked.
Having opened at 1.2c and after reaching an intraday high of 2.2c, shares in Peppermint Innovation closed at 1.7c yesterday. Some 23,227,141 shares, worth $434,752, were traded in the day. – News.com.au
Originally published as Peppermint surges on Philippines licence
