Peppermint in deal with Philippines bank

Recently-listed technology company Peppermint Innovation will supply its remittance system to a bank based in the Philippines under a new partnership deal.

Perth-based Peppermint, which listed on the ASX late last year after completing a reverse takeover of Chrysalis Resources, will supply its remittance system to United Coconut Planters Bank of the Philippines, which will facilitate international remittance services.

UCPB is an existing client of Peppermint, having already adopted the tech company’s platform to offer mobile banking and payment services to the customers’ account holders.

Chief executive Christopher Kain said the goal of the partnership was to offer international remittance companies and customers a compelling and effective direct credit to bank facility for international money transfers into the Philippines.

“It is pleasing to see such an extension of the already strong business relationship established with UCPB over a number of years via the provision, maintenance and technical support of our mobile banking and payments platform to their account holders,” Mr Kain said.

“International remittance into the Philippines continues to grow and we are delighted to be in a position to develop and install a remittance platform with UCPB using the Interbank Funds Transfer facility to service this market, which is a significant expansion of the domestic remittance market we are already targeting.”

Peppermint shares closed 9.5 per cent higher to 2.3 cents each.