Philippine Long Distance Telephone Company (PLDT) and Rocket Internet have established a global strategic partnership to drive the development of online and mobile payment solutions in emerging markets.
In accordance with the terms of the contract, PLDT will acquire a 10% stake in Rocket in a transaction valued at approximately 333m.
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The partnership will use PLDT’s experience and intellectual property in mobile payments and remittance platforms, together with Rocket’s global technology platform, to offer products and services for the unbanked, uncarded and unconnected population in emerging markets.
PLDT will bring the experience of its wireless subsidiary, Smart Communications, which has pioneered mobile payment innovations such as online money transfers, payments, disbursement, banking and security. Smart’s mobile money system handled transactions approximately 3.4bn during 2013.
PLDT president and CEO Napoleon Nazareno said: “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.”
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