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Germany,Philippines : ROCKET INTERNET gets funds to develop mobile payment systems

August 9, 2014

Rocket Internet, Berlin-based e-commerce incubator has obtained funds from a Philippine telecom operator for formulating mobile payment systems in rising markets.

For a 10% stake in Rocket, Philippine Long Distance Telephone Company is placing 333 million euros (US $445 million).

In addition, the contract would cover Philippine telcom operator s expertise in mobile payments and resources with Rocket's global e-commerce and web services footprint.

The partnership will allow us to leverage our combined strengths in developing online and mobile payment solutions in emerging markets, says Napoleon Nazareno, president and CEO of Philippine Long Distance Telephone Company. 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.

Rocket and PLDT share a vision for the growth opportunity of Internet and mobile business models in emerging markets, as smartphone penetration increases exponentially, says Oliver Samwer, founder and CEO of Rocket Internet. Strategic partnerships are a core part of Rocket's strategy to 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 innovations in mobile money and micro-payments and accelerate the delivery of those solutions around the world.

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Source: TendersInfo (India)

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