August 13, 2014 (Wed): Philippine Long Distance Telephone Company (“PLDT”), the leading telecoms operator in the Philippines and Rocket Internet AG (“Rocket”), have entered into a global strategic partnership to drive the development of online and mobile payment solutions in emerging markets.
Under the terms of the partnership agreement PLDT will invest €333 million for a 10 per cent stake in Rocket. PLDT’s investment terms reflect its long-term commitment 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.
Concurrent with the investment, PLDT and Rocket will jointly develop mobile and online payment technologies and services in emerging markets. The partnership will leverage 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.