Peppermint Innovation shifts focus with sale

Peppermint Innovation (ASX:PIL) has announced the sale of its subsidiary, Peppermint Intelligence Limited (PINT), for GBP 235,000, approximately AUD 460,000. The sale is aimed at recouping acquisition and operation costs since December 2023. The company plans to use the proceeds to strengthen its artificial intelligence (AI) and data transformation capabilities, focusing on the Philippines market.

Outlook on Peppermint Innovation's strategy

Peppermint Innovation's sale of PINT to Pyjama Shark Group Ventures Limited marks a strategic shift towards enhancing AI and data capabilities. With the proceeds, the company plans to bolster its core operations in the Philippines, including the development of AI-powered credit scoring and micro-credit bureau services. The establishment of an Innovation Advisory Board, featuring experts like Shashank Pawar, underscores the company's commitment to advancing micro-finance services. This strategic transition aims to reduce costs and empower underserved communities in the Philippines with accessible financial solutions. Moving forward, Peppermint Innovation is poised to leverage its AI strategy to expand its impact in the financial technology sector.

Executive insights on strategic transition

The sale of PINT aligns with our strategic refocus on AI and financial technology for the Philippines. We are committed to developing a more sophisticated approach to AI transformation.