Peppermint Innovation secures new technology development contracts in Philippines

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By Imelda Cotton - 
Peppermint Innovation ASX PIL technology contracts MASS-SPECC CHMF Philippines

Australian fintech Peppermint Innovation (ASX: PIL) has secured three new technology development contracts with Filipino companies MASS-SPECC Co-operative Development Centre and Co-operative Health Management Federation.

The contracts were executed through subsidiary company Peppermint Bizmoto Inc for a combined value of $53,000.

Under the terms of the first MASS-SPECC contract, Peppermint will deliver an application programming interface (API) service which integrates existing mobile apps of MASS-SPECC member co-operatives with the Pinoy Coop automated accounting system.

MASS-SPECC is the oldest and largest regional co-operative federation in the Philippines and the contract is valued at approximately $18,465.

Enhancing the experience

The second MASS-SPECC contract is valued at around $12,503 and will see Peppermint enhance the Pinoy Coop mobile registration process, with the goal of enhancing the overall experience for end users.

The deal with Co-operative Health will see Peppermint develop an API to integrate several co-ops into the company’s 1coophealth insurance organisation, enabling features such as automatic onboarding, member updates and availment counts.

Co-operative Health represents more than 825 health providers across 185 cooperatives and almost 58,000 policy holders. The contract is valued at $22,994.

Strong working relationship

Peppermint managing director Chris Kain said the new contracts extend the company’s strong working relationship with MASS-SPECC and Co-operative Health.

“They are continuing to invest in technology to assist the digital transformation of their respective membership bases and provide easy access to our electronic money issuer (EMI) wallet services,” he said.

“These relationships have been established over many years… [both companies] are committed to onboarding their members as quickly as possible, as well as offering additional services via our wallet.”

Compelling economics

The economics of the MASS-SPECC partnership are particularly compelling to Peppermint, with the company forecast to earn on average $0.10 for every transaction completed via the Pinoy Coop mobile app.

“This is in addition to revenue already earned to date by Peppermint from the development and delivery of the app under licence, as well as revenues to be earned from the app’s full deployment plus ongoing service and maintenance for up to five years,” Mr Kain said.

“The investment in two new technical development contracts demonstrates very clearly that MASS-SPECC is committed to upscaling membership enrolments to Pinoy Coop as soon as possible.”