PIL Enters Lucrative International Money Transfer Market; Soon to Start Full-Scale Commercialisation of Mobile Bill Payment Technology

Peppermint Innovation Limited (ASX: PIL) enjoyed a stellar six months to the end of 31 December 2017, with a strategic investor saying PIL’s mobile payments and remittance platform has significant growth potential in many Asian markets.

Smidge Digital Unit Trust’s Trustee Director, Andrew Smith, said Peppermint’s innovative technology was clearly “ahead of the curve” and he believed its current shared price was “under-valued”.

“Our belief in Peppermint’s value is clearly demonstrated by our commitment to invest AUD$1million at 2 cents per share and then, at Peppermint’s option, to place another AUD$1million at a higher price of 2.3 cents per share or 25% to the five-day VWAP on or before the 31^st March 2018, Mr Smith said.

“We’ve backed Peppermint because it complements another ‘ahead of the curve’ investment that Smith has with an enterprise data analytics company, and because our unit holders are also significant investors in several Asian markets and we will be offering Peppermint all of the assistance that we can to help them get to market in those countries.”

Peppermint Innovation Managing Director and CEO Chris Kain said Smidge Digital’s investment in Peppermint at a premium price clearly reflected the company’s current value and future opportunities to create greater value.

Mr Kain said other significant achievements for PIL in the last six months included:

• Pilot testing of Peppermint’s mobile bill payment technology commenced with SANTE Barley, one of the fastest growing distribution networks across the Philippines with more than 200,000 direct members, business partners and business branches;
• The SANTE Barley deal represents a major boost for PIL’s full-scale commercialisation plans in the Philippines;
• The creation of a wholly-owned subsidiary, Peppermint Payments Pty Ltd, to provide international remittances in the Australian market that will earn revenue from fees charged for transferring monies around the world and from foreign exchange margins received at the time of transferring those funds;
• An agreement struck with the Philippines’ first health management organisation, Co-operative Health Management Federation (CHMF), to automate its payment processes and to support CHMF to provide mobile financial services, including micro-health insurance products and services;
• A five-year agreement was signed with UCPB, one of the Philippine’s largest banks, to provide internet payment gateway services for its customers; and –
• Real-time testing of Peppermint’s mobile bill payment technology with almost 500 representative agents of Filipino businesses MyWeps, Metro Gas and SUNMar Express delivered significant customer insights that will further assist PIL to fully commercialise its unique APP.

Currently, Peppermint operates its mobile bill payment and remittance platform in the Philippines where millions of Filipinos receive their weekly wage in cash but only about 30% of the population actually have a bank account.

Consequently, many Filipinos are forced to physically pay their bills in cash requiring them to travel long distances across town to ensure all of their household bills are paid.

Peppermint’s innovative mobile payment and remittance platform is ultimately designed to make life easier for Filipinos by offering secure and easily accessible financial services such as money transfers, eload purchases and household bill payment services.

 

About Peppermint Innovation Ltd (ASX: PIL)

Peppermint Innovation Limited operates an established mobile phone based banking, payments and remittance platform in the Philippines.

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