Very big news from PLDT!
How many times have you wanted to buy something online only to find out that you don’t have a way to pay for it since you don’t have a credit card, even if you have money in your pocket? That’s a problem both PLDT and Rocket Internet are aiming to solve, as both companies have entered into a strategic partnership to develop online and mobile payment products for emerging market.
PLDT is investing around €333 million to develop said online and mobile payment products, aimed at the “unbanked, uncarded and unconnected” population in emerging markets. In return, PLDT is granted a 10% stake in Rocket, which owns e-commerce businesses in the form of Zalora and Lazada.
Napoleon L. Nazareno, President and CEO of PLDT:
”We are very excited to embark on this journey with Rocket. Our investment demonstrates our commitment to the global Internet market and our belief in the powerful synergies between e-Commerce and mobile payments, particularly in developing economies. The strategic partnership will allow us to leverage our combined strengths in developing online and mobile payment solutions in emerging markets. Rocket has developed a unique platform for establishing new Internet companies and a proven track record in successfully rolling out these businesses in fast growing markets. We expect the partnership to have a pronounced positive impact on our organization.”
Oliver Samwer, Founder and CEO of Rocket Internet:
“Rocket and PLDT share a vision for the growth opportunity of Internet and mobile business models in emerging markets, as smartphone penetration increases exponentially. We believe in our ability to create significant value together, leveraging the Rocket platform and PLDT’s expertise. Strategic partnerships are a core part of Rocket’s strategy to provide great services to consumers and rapidly roll out new Internet based business models across diverse geographies. Financial technology is a key focus sector for Rocket and this partnership will allow us to build on PLDT’s world-class innovations in mobile money and micro-payments and accelerate the delivery of those solutions around the world. We are very pleased to welcome PLDT into our core shareholder base.”
Manuel V. Pangilinan, Chairman of PLDT:
“This move is in line with PLDT’s strategy of providing relevant and value-enhancing services to its customers. This new partnership marks a major step forward in the pursuit of our Live Digital! Vision, bringing us even closer to our clients and enhancing PLDT’s innovation capabilities in the digital economy. We will continue to pursue further digital partnerships as one of our key strategic initiatives to drive growth and create value for our stakeholders, whilst leveraging on PLDT’s unique combination of assets.”
