Philippine’s leading telecoms operator, PLDT Friday said that it is taking 10 percent stake in German ecommerce giant Rocket Internet for USD$445 million.
The deal is part of a global strategic partnership to drive the development of online and mobile payment solutions in emerging markets, said PLDT. The partnership leverages on PLDT’s experience and intellectual property in mobile payments and remittance platforms, together with Rocket’s global technology platform, to provide products and services for the “unbanked, uncarded and unconnected” population 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.”
– Napoleon L. Nazareno, President and CEO of PLDT
“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.”
– Oliver Samwer, Founder and CEO of Rocket Internet