PLDT Inc. (NYSE: PHI|PSE: TEL), the Philippines´ telecommunications and digital services provider, KKR, a global investment firm, Tencent, a provider of Internet value-added services in China, IFC, a member of the World Bank Group, and the IFC Emerging Asia Fund, a fund managed by IFC Asset Management company, have announced the signing of agreements under which PLDT, KKR, Tencent, IFC and IFC Emerging Asia Fund commit up to USD 120 million in new funding towards the expansion efforts of Voyager Innovations, a technology company in the Philippines, the companies said.
This follows KKR´s, Tencent´s, IFC´s and IFC Emerging Asia Fund´s initial investments totaling USD 215 million made to Voyager in 2018, and underscores the investors´ support of Voyager and its strategy to provide greater access to digital financial services across the Philippines through its financial technology arm, PayMaya Philippines (“PayMaya”). The fresh funding also comes as government, businesses and consumers are turning to cashless transactions and digital finance as part of a broader response to present-day challenges.
This USD 120 million investment is part of a broader fundraise for Voyager and is intended to support PayMaya´s rapid growth as it pursues its mission to accelerate digital and financial inclusion in the Philippines and enable the wider Filipino population to participate in the digital economy. The company is also in talks with other strategic and financial investors.
PLDT is the telecommunications provider in the Philippines. Through its principal business groups–fixed line and wireless–PLDT offers a wide range of telecommunications services across the Philippines´ most extensive fiber optic backbone and fixed line, and mobile network. Further information can be obtained by visiting the web at www.pldt.com.
Voyager Innovations, Inc. is the technology company in the Philippines, focused on customer-centric emerging market platforms for digital and financial inclusion. Its digital financial services arm, PayMaya Philippines (PayMaya), uniquely offers the widest range of integrated payments solutions for merchants and consumers.
KKR is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies.
Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (0700.HK) are traded on the Main Board of the Stock Exchange of Hong Kong. For more information about Tencent, visit www.tencent.com.
IFC–a sister organization of the World Bank and member of the World Bank Group–is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than USD 19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
IFC Asset Management, a division of IFC, mobilizes and manages capital to invest in businesses in developing and frontier markets. Created in 2009, AMC provides institutional investors with unique access to IFC´s emerging markets investment pipeline and investment expertise, while providing positive development impact in the countries in which it invests. For more information, visit www.ifcamc.org