MANILA, Philippines – Manuel Pangilinan’s MVP Group is increasing its presence in the country’s digital payment solutions by acquiring Multipay Corporation and a 10% stake in Bayad Center.
In a stock exchange filing on Monday, July 29, PLDT Incorporated said DigiCo will acquire the two companies. DigiCo is a collaboration co-owned by PLDT, Manila Electric Company (Meralco), and Metro Pacific Investments Corporation (MPIC).
The announcement did not disclose how much each transaction would cost.
“These companies will improve the payment experience for the Filipino consumer and provide partners with integrated solutions,” said Pangilinan, who happens to be DigiCo’s chairman.
With the agreement, DigiCo is set to acquire 100% of Multipay, which PLDT views as a strategic addition to its arsenal considering Multipay’s reach and partnerships with billers and other digital payment channels.
Bills provider Bayad Center, on the other hand, will help connect the group with over 800 utility, financial, and other billers through over 104,000 touchpoints.
Both deals are still subject to approval for closing conditions.
PLDT hopes Multipay and Bayad Center’s online and offline payment solutions will be interconnected with payment systems within the MVP Group such as Paymaya.
DigiCo chief commercial officer Kat Luna-Abelarde said DigiCo plans to “leverage its expertise and resources to support Bayad’s and Multipay’s growth trajectory while exploring and unlocking synergies in the MVP Group.”
“This is the latest milestone on our journey to drive new, innovation-led growth, and is aligned with the MVP Group’s support for the government’s overall digitalization push, particularly financial inclusion for Filipinos across the nation,” she said.
“Multipay has come a long way, and we are confident that DigiCo will be in the best position to take Multipay to even greater heights,” said Multisys CEO Victor Tria.
On the part of Bayad, its CEO Lawrence Ferrer said: “For 18 years, Bayad has served the Filipino public through accessible, reliable, and impactful payment solutions. Our success is a testament to the unwavering trust placed in us by billing institutions, payment channels and the Filipino public.” – Rappler.com