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Germany,Philippines : PLDT to acquire a 10% stake in GERMAN ROCKET INTERNET to develop mobile & online payment tools

August 18, 2014

Philippine Long Distance Telephone (PLDT), the telecom giant of the country, has made an announcement on its decision to buy a 10% interest in the Berlin-based global incubator Rocket Internet to expand in the mobile and online payment space.

PLDT has settled the acquisition deal with the German incubator for EUR 333 million (US$445.06 million) intended for the development of mobile and online payment solutions to serve the emerging marketplaces.

The telecom major of the Philippines has revealed that following its investments into Rocket Internet, which reflects its long-term pledge to the Germany-based business, the two partners will work together for the development of mobile and online payment technologies and services in promising markets.

Issuing a statement on Thursday, the company disclosed, "The partnership will leverage PLDT's experience and intellectual property in mobile payments and remittance platforms, as well as Rocket's global technology platform, to provide products and services for the 'unbanked, uncarded and unconnected' population in emerging markets."

The firm has further said that Rocket s employee fleet across its network of companies covering more than 100 nations has exceeded the figure of 20,000, with aggregate revenue surpassed the levels of EUR 700 million (US$935.56 million) in 2013. The e-commerce business units Zalora and Lazada are among the Rocket brands operating in this region.

PLDT serves domestic as well as global markets with a number of mobile payment solutions, comprising online money transfers, banking, and security services. The company delivers these services via its mobile subsidiary business - Smart Communications. The mobile money system of Smart had facilitated EUR 3.4 billion worth of transactions last year.

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Source: TendersInfo (India)

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