Peppermint Innovation (ASX: PIL) managing director and chief executive officer Chris Kain joins Small Caps to discuss the company's developments in a number of areas and the huge potential of its Philippines target market.
A major focus currently is the company's 5-year agreement to deliver, service, and maintain a white-label mobile app platform for the large Mass-Specs Cooperative Development Centre.
The company is working with MASS- SPECC to deploy the app to more than 340 cooperatives with approximately 3.4 million members.
The collaboration will back MASS-SPECC’s Vision of leveraging Peppermint’s proven EMI licenced bizmoto mobile app platform in the huge Philippines market.
With a population of 110 million people, a vast majority of which are in their mid-20s, the Philippines has strong digital presence with 118% mobile penetration.
However, 90% of Filipinos do not have a credit score and 70% of the population is unbanked.
Peppermint believes it's e-wallet money services, non-bank lending solutions and digital payment services via an established technology platform is the answer to providing Filipinos with an easy to use and easy to access digital finance solution - opening up new opportunities for the local population and Peppermint.
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