Rocket Internet, PLDT set up online payments platform

This was part of the arrangement that saw PLDT buy a 10% stake in the German e-commerce incubator for EUR333 million ($444 million) last August. Each group holds a 50% interest in the new joint venture.

PLDT already owns Smart eMoney, the largest "branchless banking" network in the Philippines with over five million active customers, 300,000 trade accounts and transactions amounting to EUR3.4 billion in 2013. Elements of Smart eMoney will be contributed to the new business.

Rocket can draw upon its experiences and networks as a participant in two Europe-based payment platforms, Paymill Holding and Payleven Holding, which cater to high-growth e-commerce businesses. It can also supply customers via Southeast Asia-focused Zalora and Lazada, an online retailer of apparel, shoes and accessories and an e-commerce marketplace, respectively.

For PLDT, however, the focus extends beyond Southeast Asia. The company has taken Smart eMoney into markets such as Brazil and Argentina in partnership with Mastercard and is said to be keen to establish a multi-jurisdictional footprint.

"This joint venture is the next logical step of our valuable partnership with PLDT and we are pleased that our shared vision for the growth opportunities of the global payment market has been implemented in such an expedited fashion," Oliver Samwer, founder and CEO of Rocket Internet, said in a statement.

The joint venture is subject to regulatory approval and the transaction is expected to close in the first quarter of 2015.

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• Topics
• Financials
• Technology
• Early-stage
• Southeast Asia
• TMT
• Financial Services
• Southeast Asia
• Philippines
• Rocket Internet
• seed