China's Tencent and KKR to Invest USD175M in PLDT's Voyager - TeknoGadyet
Vivo V11
Vivo V11

Post Top Ad

Vivo V11
Vivo V11

Post Top Ad

Saturday, November 3, 2018

China's Tencent and KKR to Invest USD175M in PLDT's Voyager

KKR, a global investment firm, and Tencent Holdings Ltd., China's leading internet service provider led investors to invest a total of USD 175 million shares in Voyager Innovations Inc. Together with PLDT Inc, Philippine's leading telecommunications and digital service provider, KKR and Tencent signed agreements for the shares.

China's Tencent and KKR to Invest USD175M in PLDT's Voyager
China's Tencent and KKR to Invest USD175M in PLDT's Voyager

Even with the agreement, PLDT is expected to remain as a major shareholder of Voyager Innovations, by the fourth quarter of 2018. The agreement indicates that Voyager Innovations shall issue additional shares to other investors, which may reduce PLDT's shares to less than 50%, however, PLDT stands as the biggest shareholder.

See Also: Five Reasons PLDT Home Prepaid WiFi Make Closer Family Connections

With the investments from KKR and Tencent,  this currently became the biggest investment in a Philippine technology company. We, users, should expect greater services from Voyage Innovations in terms of mobile payments and internet services fit for the needs of the whole population.

Manuel V. Pangilinan, Chairman, President and CEO of PLDT, said: “Having global powerhouses such as KKR and Tencent as investors in Voyager Innovations demonstrates not only their confidence in the company’s ability to execute its vision, but also their confidence in the Philippine technology industry as a whole.”
Orlando B. Vea, President and CEO of Voyager Innovations, said: “This is a watershed moment not only for Voyager Innovations but also for the Philippines. With this investment by KKR and Tencent, we will trigger an inflection point in digital adoption and financial inclusion in the country.”

Voyager Innovations' aims to be the bridge of the Filipino people and digital economy, enabling more people to access to digital finance services. The company's top-notch digital technology became the backbone of five of the most used digital services of Filipinos namely PayMaya, PayMaya Business, Smart Padala, Lendr and Freenet.

  • PayMaya- lets Filipinos shop online, pay bills, buy e-loads and send money to family and friends with its prepaid wallet services;
  • PayMaya Business - enterprises of all sizes acquires digital payments through this mobile acquiring service;
  • Smart Padala - recognized as the largest mobile-based remittance network in the Philippines which can be found in the nearest sari-sari store in customer's barangay;
  • Lendr - lets users have quick and easy loans digitally and is recognized as the largest digital loan platform in the Philippines;
  • Freenet - gives Filipinos free internet access to different apps and websites. Furthermore, rewards varying from shopping cards to concert tickets are obtained in this rewards app.

KKR's investment in Voyager Innovations is its first private equity investment in the Philippines and is funded from KKR Asian Fund III. They believe that it is better to invest in high-growth markets involving technology adoption, which was evident in their previous investments in Go-Jek (Indonesia), Suishou Technology (China)  and First Data. These investments involve digital payment technologies present in different countries in the globe.

Terence Lee, Director on KKR’s Southeast Asia team, said: “We are excited about Voyager Innovations and to further invest behind online payments leaders in emerging markets. Voyager Innovations provides critical digital and financial services to millions of Filipinos looking to join the digital economy for work and play. We look forward to leveraging our industry expertise and resources to help enhance the company’s mission of financial inclusion and accelerate its growth at a time when the digital economy is more important than ever.”
James Mitchell, Chief Strategy Officer of Tencent, said: “Voyager Innovations connects the growing smartphone population in the Philippines to online payments and financial services. Tencent is glad to support Voyager Innovations and to advance financial inclusion.”

The foregoing investment in Voyager Innovations is not subject to the compulsory merger notification regime under the Philippine Competition Act and its Implementing Rules and Regulations. In addition, the Bangko Sentral ng Pilipinas, the Philippines’ central bank, confirmed that it interposes no objection to the investment.

These investments will certainly accelerate the digital finance services of Voyager Innovations. This may lead Filipinos into making digital payments their first choice in paying their everyday transactions.

No comments:

Post a Comment

Post Top Ad

close
OPPO R17 Pro Pre-Order