Perth-based technology company Peppermint Innovation is planning to take its mobile payments technology across South-East Asia after listing on the ASX through a reverse takeover of Chrysalis Resources completed today.
It follows the company closing a $3.9 million raising in November, through broking firm DJ Carmichael.
The reverse takeover is one of more than 30 such transactions taking place among Western Australia-based companies in the past 12 months, with almost $200 million raised.
Peppermint’s key operations are in the Philippines, where it provides back end support for mobile banking payments systems for three banks.
The technology, core staff and contracts were acquired from a Filipino company, Peppermint chief executive Christopher Kain told Business News.
About 75 percent of Filipinos don’t hold bank accounts, while almost all own mobile phones, he said, meaning there was a large potential market to provide remittance and banking services in the Asian nation.
A similar product by a Kenyan company had experienced very rapid growth, Mr Kain said.
He said Peppermint would be hoping to expand its offering to neighbouring markets, with Bangladesh a major target.
Others would be Thailand and Vietnam, with opportunities as far afield as Tunisia.
Further, advanced products for the developed world were in research and development, Mr Kain said.
Additionally today, Peppermint appointed German-based Vincent Power as a non-executive director.
Mr Power was involved in European payments start up Skrill, and formerly worked for the European Central Bank.
Skrill was taken over by Optimal Payments earlier this year, in a £800 million deal.
Peppermint was down 12.5 per cent to 2.1 cents per share at the time of writing.