Peppermint secures EMI licenses in the Philippines for mobile money and lending

Peppermint Innovation Ltd (ASX: PIL) (“Peppermint” or “the Company”) is pleased to announce that Peppermint Bizmoto Inc. (PBI), a fully owned subsidiary of the Company, has been granted a license to operate as an Electronic Money Issuer (“EMI”) by the Central Bank of the Philippines, ‘Bangko Sentral ng Pilipinas’ (“BSP”).

The EMI license authorises PBI to deliver e-wallet services through its bizmoto mobile App – allowing any Filipino, not just bizmoto agents, to use the bizmoto platform to receive digital money and access digital services.

The accreditation allows Peppermint and bizmoto users to join the 38.88 million Filipinos that are transacting digitally, following 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 Company will soon start work on a pilot program with a local community to facilitate financial inclusion by encouraging members to become bizmoto users so they can immediately access digital and mobile payments as an alternative to cash transactions within their community.

Peppermint’s Managing Director and CEO Chris Kain said: “The issuance of an EMI licence to PBI will, ultimately, deliver significant value to the Company and the communities we operate in. We’re excited to share the BSP’s vision that 50% of all retail transactions that occur throughout the Philippines are digital by 2023, and that 70% of Filipino adults have formal accounts by 2023,”

Neal Cross, Peppermint Non Executive Director stated: “We have now secured our keystone for the licensing strategy in the Philippines, on top of our previous Finance License enabling lending to micro- entrepreneurs, we can now supply cash in, cash out to an open wallet and deliver micro lending to mass consumers. Basically, we cover most of the features that a bank has at a fraction of the operating cost, enabling us to scale at a greater rate, that can only be good for our end clients and partners.”

Peppermint is privileged to receive an EMI licence for PBI given the BSP’s decision last December to impose a two-year ban on issuing any further non-bank or bank-owned EMIs to ensure a liquidity- strong digital payments sector, giving it a significant advantage in the market.

Shopping Cart

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.