Australian fintech firm gets e-wallet license in the Philippines

Australia-based Peppermint Innovation said its unit, Peppermint Bizmoto, has been licensed to offer app-based e-wallet services to users in the Philippines.

A Peppermint Bizmoto user / Photo credit: Peppermint Innovations

With the electronic money issuer (EMI) license from the Philippines’ central bank, the firm can allow users in the country to receive digital money and access digital services via its platform.

Until now, Peppermint Bizmoto only offered financial services such as remittance, bill payments, cash transfers, and e-loads or mobile phone top-ups through its network of direct-selling agents.

“On top of our previous finance license enabling lending to microentrepreneurs, we can now supply cash in, cash out [services] to an open wallet and deliver micro-lending to mass consumers,” said Peppermint non-executive director Neal Cross.

The company has teamed up with fund transfer services like InstaPay and PESONet, as well as with non-banking financial institutions to offer money withdrawal and deposit services.

Peppermint Bizmoto plans to launch a pilot program that will urge a local community to join its platform and access digital and mobile payments as an alternative to cash transactions.

The license will Peppermint Bizmoto an edge over other financial players in the market as the Philippines central bank in November 2021 placed a two-year moratorium on the issuance of EMI licenses to non-banking financial institutions.

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