Indonesian ride-hailing app Go-Jek has bought a stake in Filipino digital wallet startup Coin.ph.
Financial terms of the deal were not disclosed, though it is said to involve a substantial acquisition of shares.
Powered by blockchain, Coins.ph facilitates various services such as mobile airtime, remittances, and bill payments.
The company currently has a client base of more than five million and processes over six million transactions on a monthly basis.
Coins.ph founder and CEO Ron Hose said: “Coins.ph and Go-Jek share the same vision that has made each a success in their markets, empowering their customers by giving them lower-cost and more convenient access to services.
“Together, we have a tremendous opportunity and by leveraging Go-Jek’s resources and expertise, we can give Filipinos even more convenience, choice, and access to the services they want.”
Under the agreement, Coin.ph will work alongside Go-Jek’s payments platform Go-Pay to improve access to cashless payments, banking services as well as support financial inclusion in the Philippines.
The management of Coins.ph will retain their existing roles.
Go-Jek founder and CEO Nadiem Makarim said: “With the second largest population and a strong domestic economy, the Philippines is one of the most exciting markets in Southeast Asia. Supporting the success of a local fintech entrepreneurial champion like Coins.ph, with a similar ambition to empower society through innovation and technology, has always been part of our passion for growth.
“Today’s announcement marks the start of our long-term commitment to the Philippines and a continuation of our mission to use technology to improve everyday lives and create a positive social impact.”