Peppermint (ASX:PIL) share price surges 13% on ‘significant’ Asia deal

The Peppermint Innovation share price is surging 13% higher today after signing an agreement with major Filipino bank, Bank of the Philippine Islands.
The post Peppermint (ASX:PIL) share price surges 13% on ‘significant’ Asia deal appeared first on The Motley Fool Australia. –

child in a superman outfit indicating a surge in share price

The Peppermint Innovation Ltd (ASX: PIL) share price is surging 13% higher today after signing an Application Programming Interface (API) agreement with major Filipino bank Bank of the Philippine Islands (BPI).

The API agreement means BPI will start offering Peppermint’s bizmoto platform, an ecommerce and BPay-esque service, to its four million account holders.

Landmark agreement in key market

Peppermint’s service allows its customers to pay bills, conduct e-commerce, delivery and logistics, and mobile financial tasks through a mobile wallet. Customers can then top up and transact remotely. 

Peppermint will undertake a direct marketing campaign as part of the deal, promoting the bizmoto services. The agreement has a ‘go live’ date for the second half of this year.

Peppermint’s Managing Director and CEO, Chris Kain, said that forming an agreement with BPI was a landmark in the company’s expansion into the South-East Asian market.

“This is a significant agreement for Peppermint Innovation, and it’s a privilege to be able to do business with the Bank of the Philippine Islands, who were the first bank in the Philippines and South East Asia,” he said.

“BPI is such a respected institution in the Philippines and Peppermint’s proven capability and track record of working with other banking entities has positioned us well to do business with BPI. As soon as we can, we will execute targeted awareness and marketing campaigns in partnership with BPI to their over four million customer account holders.

“To put that in context, we currently have over 50,000 bizmoto agents so we have the potential to market and explain how our bizmoto platform works to almost 80 times the number of current registered agents.

“This is yet another step forward on our path to building out our range of bizmoto ecosystem of services across the Philippines and to tackling the problem of providing inclusive financial services to the people of the Philippines.”

Peppermint share price on sharp yearly incline

The Peppermint share price has risen more than 230% this year-to-date, with investors also realising the brand’s potential to capture the lucrative emerging ‘buy now, pay later’ market across southern Asia. 

While Peppermint’s bizmoto platform is currently based around mobile remittance — allowing customers to set up their own mobile businesses — the company has the potential to transition towards an end-to-end banking service.

This is the second major announcement for Peppermint this month, after the company revealed its micro-insurance product BizmoProtect on 3 March. 

At the time of writing, the Peppermint share price is swapping hands for 4.1 cents.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Peppermint (ASX:PIL) share price surges 13% on ‘significant’ Asia deal appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!