News and Announcements
Peppermint Innovation Granted Approval to MyWeps
- Published March 07, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Peppermint Innovation Ltd (ASX:PIL) is pleased to announce the Philippine Central Bank, has granted approval to MyWeps to Conduct a Mobile Remittance Commercial Pilot program for a period of three months.
KEY TAKEAWAYS:
- The Central Bank of the Philippines (BSP) has granted approval to My Weps International Inc. My Weps to pilot test Mobile Remittance powered by Peppermint’s Mobile Agent Remittance Platform.
- A first of its kind in the Philippines, remittance services will be provided without the need for a traditional over the counter transaction at a bricks and mortar outlet, via the 1 Bro Global Agent network.
- 500 agents will take part in the pilot, allowing Filipinos to remit funds via this mobile agent network.
- The pilot is targeted to commence immediately following the completion of the BSP specified accreditation process for individual remittance agents.
- The pilot is an initiative in support of the National Strategy on Financial Inclusion (NSFI), which has a key focus of providing financial services to the unbanked in the Philippines.
- This is a significant step for Peppermint’s Mobile Agent Remittance platform.
Commenting on the Pilot, Managing Director & CEO, Chris Kain said: “My Weps, one of our valued local partners in the Philippines, receiving approval from the BSP to commence this mobile remittance pilot is a significant milestone for Peppermint. It is another significant step along the path to commercialise our purpose built Mobile Agent Payments and Remittance Platform which will provide convenient and simple financial services to many Filipinos. The pilot will be the first of its kind, and we believe it supports the National Strategy on Financial Inclusion which has a key focus of providing services to the unbanked.”
Rico D Lorredo, Chairman and CEO, MyWeps International Inc. states: “Our agents have been eagerly awaiting the opportunity to offer MyWeps Mobile Remittance to their customers and the approval by the BSP to launch a pilot is an exciting development that takes us closer to a full scale commercial launch. We expect customers will be thrilled by the added convenience and accessibility of mobile remittance, bill payments and e load facilities which will now be available via the My Weps mobile app, powered by Peppermint.”
Peppermint Innovation is an Australian company focused on the commercialisation and further development of the Peppermint Platform, a mobile banking, payments and remittance technology designed for banks, mobile money operators, money transfer and funds remittance companies, payment processors, retailers/merchants, credit card companies and microfinance institutions. Peppermint currently operates the Peppermint Platform in the Philippines.
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