Peppermint Innovation commenced Bizmoto Delivers pilot program in the Philippines

PIL

Peppermint Innovation Limited (ASX: PIL) is an information technology company based in Australia. The company has built its proprietary Peppermint Platform which it aims to develop further and commercialise. The Peppermint platform mobile banking, payments, and remittance technology which is designed to be used by retailers/merchants, mobile money operators, credit card companies, banks, etc. The current focus of the company is in the Philippines having a population of approximately 100 million with 105 million mobile phones in use. The company has spent over four years in the Philippines developing and integrating the technology which is now being used by three leading commercial banks.

On 10th April 2019, the company announced the commencement of the pilot run of Bizmoto Delivers micro-business program in the Philippines. The program had officially been commenced on 5th April 2019 in the province of Cavite. This included the first 15 BizmoGo riders appointed to build their own micro business using Peppermint’s Bizmoto technology platform. It is combined with a motorcycle to provide services to the people via a mobile app.

The pilot program will be rolled out in Novaliches, Bulacan, and Pangasinan over the coming few weeks with approximately 60 BizmoGo riders. These are some of the strategically targeted areas of the Philippines that have a high demand for Bizmoto’s services.

For this program, the company will help the qualified BizmoGO riders by offering them finance and insurance package to aid them in buying a suitable motorcycle for their micro-business. The company is also working with TVS Global Automobile Trader FZCO through a locally registered wholesale dealer to supply motorcycles, parts, service support, and warranties for the Bizmoto Delivers program. These motorcycles with support and finance availability also help to open up commercial opportunities such as postage, package and food delivery and deliver basic commodities such as rice, water, etc.

The company earns its revenue by charging a fee for every transaction that is processed by an agent. More than 11,800 Filipino people have registered on Bizmoto’s platform. It has also started a major social media marketing campaign for Bizmoto Delivers pilot program. This included the engagement of Filipino social media influencer Dante Gulapa who attracted more than 155,000 views in less than 24 hours from a video in which he promoted Bizmoto Delivers launch event.

The Managing Director and CEO of the company Chris Kain stated Bizmoto Delivers which is the next evolution of the company’s business provides an opportunity for a Filipino person in building up a micro business based on Bizmoto mobile app. He also considers this launch to be a turning point of the company and this rolling out of the program to be the start of a very exciting journey.

On 1st March 2019, the company announced that it has received a funding of $1.5 million through a placement of 60 million shares and also raised A$250,000 via the issue of convertible bonds.

The company has a market cap of A$11.85 million. On the technical front, the stock shot up by 8.3% and trading at the intraday high of A$0.013 as of 10th April 2019 (AEST: 3:25 PM) as compared to the previous closing of A$0.012. In the last six months, the stock has fallen by 40% while the YTD return stands at negative 25%.


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