Philippine Long Distance Telephone Company (PLDT), the leading telecommunication provider in the Philippines, in partnership with Rocket Internet AG will develop innovative mobile and online payment solutions in emerging markets. PLDT will invest €333 million for a 10 percent stake in Rocket.
The partnership’s agreement investment terms reflects the long-term commitment of PLDT to Rocket and its unique ability to combine PLDT’s world-class mobile money expertise and resources with Rocket’s global platform to drive future value enhancing growth opportunities.
“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 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 on online and mobile payment solutions in emerging markets.” President and CEO of PLDT Napoleon L. Nazareno
Rocket is an Internet platform for the rapid creation and scaling of consumer internet businesses outside the U.S. and China with more than 20,000 employees in its network of companies across over 100 countries. It focuses on online business models that satisfy basic consumer needs across three sectors: e-Commerce, marketplaces and financial technology.
Founder and CEO of Rocket Internet Oliver Samwer said that 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.
Smart Communications, Inc., a global pioneer in mobile banking and mobile wallet services and PLDT’s wireless subsidiary, has introduced several world-first mobile payment innovations in domestic and global markets. Their services include online money transfers, payments, disbursements, banking and security has been recognised with awards from the United Nations, USAID and the GSMA.
Smart’s mobile money services is also being used by United Nations and Philippine government agencies for widespread and efficient cash distribution and other relief and rehabilitation efforts in areas affected by recent natural disasters.