Philippines telecom operator Philippine Long Distance Telephone Company and Rocket Internet are set to launch a 50/50 global Joint Venture for payment services with a focus on emerging markets in a move to drive ecommerce.
According to Oliver Samwer, Founder and CEO of Rocket Internet, “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. Rocket’s network of companies combined with PLDT’s 14 years of experience in the mobile payment industry will allow us to deliver world-class innovations in mobile money and micro-payments around the world.”
The JV, subject to approval by the relevant authorities, is expected to create a leader in mobile payments in emerging markets and as well capture the global potential of mobile-first payment services.
The platform will build on PLDT’s mobile-first payment platform Smart e-Money which has handled transactions valued at approximately EUR 3.4 billion in 2013 and has over 5 million active customers and 300.000 trade accounts as well as Rocket Internet’s Paymill and Payleven.
In a statement, Napoleon L. Nazareno, President and CEO of PLDT, said:”PLDT continues to build on its strategy to become a driving force in the digital economy, and with Rocket, we have a partner who understands the DNA of the global Internet market more than any other company. We look forward to continuing the long-term success story of Smart Money and optimizing the synergies between e-commerce and innovative mobile-first payment solutions.”
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