ASX listed fintech Peppermint Innovation is looking to tap into the USD$1 billion Filipino remittance market via its new partnership with leading Philippines non-bank remittance payout provider, Direct Agent 5.
Under the agreement, Peppermint’s online international remittance business, Bizmoto, will use Direct Agent 5’s 1000+ locations in the Philippines to payout money to its customers.
In return, Direct Agent 5 will be able to use Bizmoto’s online remittance platform to payout money transfers from the Philippines to Australia.
Bizmoto, which was launched in May 2018, will earn revenue from both inbound and outbound remittance transfers.
In 2017, an estimated USD$1bn was transferred from Australia to the Philippines whilst USD$16m was transferred from the Philippines to Australia.
Direct Agent 5 is an authorised direct agent of Western Union Money Transfer and offers international and local remittance services.
Peppermint is building Bizmoto to provide global money remittance services, starting with remittances between Australia and the Philippines.
Peppermint Innovation Managing Director Chris Kain said: “The DA5 deal is significant for our Australian Bizmoto remittance business because it extends our product offering to a trusted payout partner in the Philippines.”
“Furthermore, Bizmoto will soon look to provide money transfer services into our next target markets of India and Vietnam.”
“Both target markets represent tremendous growth opportunities for Bizmoto’s international remittance business, with World Bank figures showing Australians transferred more than USD$3.126 billion into these two markets in 2017.”
