Australian fintech firm Peppermint has launched a pilot of its new online international remittance portal Bizmoto, which will enable money transfer from Australia to the Philippines.
According to World Bank data, Philippines is the fifth-largest international remittance market for Australia.
Peppermint managing director and CEO Chris Kain said: “We believe the Australian outward bound international remittance market represents a great opportunity for Peppermint to leverage our established Philippines commercial operations and diversify revenue streams from existing and new customer bases.
“We are confident that our strategic approach, to put in place agreements with market leading providers, has allowed us to adopt a ‘best of breed’ system architecture. This positions the company well to take advantage of a more sophisticated and regulated market sector which is growing faster than GDP, but which is challenged by the current regulatory environment.”
Bizmoto will initially be aimed at ex-pat Filipinos living in Australia and their affiliates. Plans are on to eventually commercialise the service across multiple remittance corridors and other markets.
“We will continue to assess other potential opportunities to build on our international remittance business from Australia, looking to form strategic relationships with reciprocal rights to access other key remittance corridors from originating countries into the Philippines. The value of International Remittances to the Philippines in 2017 exceeded $28bn,” Kain noted.