The World Health Organization reports that approximately half of the world’s population lacks access to essential healthcare, and about 100 million people are pushed into extreme poverty due to medical expenses. Nevertheless, an increasing number of fintech firms are working to tackle this problem by simplifying healthcare procedures such as automating payment methods, to create healthcare inclusivity for all individuals.
Peppermint Innovation (ASX: PIL) is striving to reshape the healthcare landscape, particularly in the Philippines. The Company has laid its groundwork by partnering with a health management organisation in the Philippines, known as the Cooperative Health Management Federation (“CHMF”) in September 2017.
This time, Peppermint has successfully obtained a two-year extension to their contract, therefore will continue automating CHMF’s organisational processes with a mobile application and web tool. Peppermint will receive around $60,000 from CHMF for using its proprietary CHMF Health Care System.
Peppermint Managing Director and CEO Chris Kain commented, “Securing this two-year contract extension with CHMF is testament to the quality of Peppermint’s design and development of CHMF’s Health Care System.”
Kain added the contract extension allows Peppermint to make a greater use of its Electronic Money Institution (EMI) Licence which currently focuses on lending and payments, to offer services to CHFM’s loyal customers and providers.
70% of Southeast Asia’s 658 million population do not have a bank account and a large portion of them operate without access to finance, banking, credit cards, payment services or the means to improve their lives.
Peppermint’s goal in targeting this market is to bring financial services to those without access to traditional banking, supporting small mobile businesses, and offering user-friendly solutions through their own technology.
The Company focuses on commercialising its Peppermint Platform, targeting four main areas: mobile payments, online shopping, delivery and logistics, and mobile financial services designed for micro-enterprise, agent networks, banks and Co-Operative associations. Peppermint currently operates the Peppermint Platform in the Philippines. Its 100%-owned subsidiary Bizmoto empowers new Filipino entrepreneurs to offer crucial financial services to their fellow citizens and promote financial inclusivity.
Among its biggest projects is Bizmoto’s five-year agreement with the Philippines’ largest regional cooperative MASS-SPECC, allowing the MASS-SPECC to launch its own digital transformation program via PinoyCoop App using Bizmoto’s EMI financial services and offer electronic money services to more than 1.6 million members.
Moreover, CHMF or “One Coop Health” is a leading cooperative in the Philippines to leverage community into building a progressive and inclusive private health care platform. It currently represents more than 825 health providers, 185 cooperatives and almost 58,000 policyholders.
Moving forward, Peppermint hopes to pitch a full suite of digital wallet services (under its EMI Licence) across the lucrative Co-op sector.
In the quarter ending 30 June 2023, Peppermint had a cash outflow of $670k, mostly related to admin and corporate costs. The Company had $3.07 million cash at bank, which should suffice to sustain operations for the next 4.6 quarters.
Clara is a Business Reporter for The Sentiment.
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