January 06, 2015

PLDT-Rocket Internet forms JV for global mobile payment platform

PLDT disclosed to the Exchange yesterday that it has formed a 50-50 jv with Rocket Internet for a global mobile-first payment services that will focus on emerging markets. The new entity aims to drive the adoption of online and mobile payment solutions among its target markets.

PLDT will contribute its Smart e-Money Inc, a pioneer in mobile banking and moble wallet services, while Rocket will contribute its stakes in Paymill Holding GmbH and Payleven Holding GmbH which are payment platforms for high growth small- and medium-sized e-commerce businesses in Europe.

Our take: It’s still early days for the venture but both PLDT and Rocket Internet are leveraging on their successful mobile banking and online payment platforms which we believe should come in handy as they try to serve a bigger market. If successful, this can potentially generate another stream of revenues for PLDT. – WealthSec