Peppermint Innovation (ASX: PIL) has partnered with BancNet to provide mobile banking technology and services to facilitate electronic fund transfers in real time in the Philippines. Peppermint and BancNet embracing this opportunity follows the Central Bank of Philippines directing banks to establish safe, affordable and reliable electronic payments systems.
BancNet is the largest interbank network in the Philippines serving ATM cardholders of its 114 members and affiliates with circa 20,000 ATMs and more than 5,000 POS terminals, processing more than 630 million transactions in 2017.
In Friday’s announcement, Peppermint Managing Director and CEO Chris Kain said: “Working with BancNet further validates our technology and positions Peppermint as a ‘provider of choice’ for mobile banking services in the rural, thrifty and co-operative banking sector.”
Peppermint has met 20 BancNet member banks and is already working with the first five to implement their mobile banking platform.
Craig Astill, Caason Group MD & CEO said: “As a significant investor in Peppermint, Caason Group believes that Peppermint and BancNet’s strategic collaboration is very significant.”
The announcement was made to the ASX on Friday 15 February 2019 and can be found here: https://www.asx.com.au/asxpdf/20190215/pdf/442n5bw370rzgd.pdf