Business Insider features Peppermint's partnership with SUNMar
Peppermint Innovation (ASXIL)is pleased to share that Business Insider has featured its latest partnership with SUNMar and financial inclusion in developing nations.
An extract of the article is below:
An Australian fintech is letting 'bankless' Filipinos pay without handling cash
Australian fintech Peppermint Innovation has signed a partnership deal in the Philippines to provide mobile payment services to locals that don’t have bank accounts but do have a phone.
The ASX-listed company announced its new partnership with SUNMar Express Global Services, which will see the Filipino company white-label Peppermint’s technologies, on Thursday.
Peppermint chief executive Chris Kain told Business Insider many Australians wouldn’t realise there are “hundreds of millions” of people in neighbouring countries that don’t possess a bank account.
“Because the country is spread over thousands of islands, the Philippines has one of the lowest rates of account ownership in the region. More than two thirds of Filipinos are ‘bankless’ and rely on cash.”
Handling cash exposes people to theft and misplacement, with the World Bank estimating that cash-only people lose 25% of their money every year. But mobile phones are overcoming geographical and socioeconomic barriers to penetrate into the most remote populations…
You can read the full story here.
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