Coins.ph Wallet - Photo by the Company
JAKARTA (TheInsiderStories)– Indonesia’ ride-hailing provider, GO-JEK announced it has acquired Philippines financial technology company Coins.ph. The deal is officially undisclosed, but some observer estimating the unicorn paid US$72 million for the acquisition.
In the official statement, the compay said, its unit GO-PAY will work with Coin.ph in a non-cash payment scheme through the local payment gateway. Coins.ph is a startup that provides services that allow users to buy and sell digital currency or also known crypto-currency and make digital payments.
In a recent study conducted by Google on the internet in Southeast Asia, the adoption of digital payment services in the Philippines was quite low, only 21 percent. New internet transactions accounted for 1.6 percent of gross domestic product, making it a promising market.
Coins.ph said that currently they have more than five million registered customers in five years of operation, processing more than six million transactions per month.
“With the second largest population and a strong domestic economy, the Philippines is one of the most exciting markets in Southeast Asia and through this partnership with Coins.ph, we are humbled to take part in the country’s digital payments transformation,” CEO of GO-JEK Nadiem Makarim said last week.
He added, the announcement marks the start of the company long-term commitment to the Philippines. Previously, GO-JEK announced on May 23, that it will invest about $500 million to enter into four new markets Singapore, Vietnam, Thailand and the Philippines.
The company aiming to replicate its other Indonesian services to the new markets. Currently, one of the country’s unicorn, working with regulators across the region to pave the way for the new operations.
“People in Vietnam, Thailand, Singapore and the Philippines don’t feel that they’re getting enough when it comes to ride-hailing. We hope that as we arrive in new markets, we will quickly become everyone’s go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive,” he said.

Locally, GO-JEK has added 11 coverage cities in Indonesia such as Lampung, Riau, Aceh, Bali, West Java, North Sulawesi, Gorontalo, Bangka Belitung, and Central Sulawesi. At present, the operator has partnered with more than one million driver partners and 150 thousand GO-FOOD.

To finance the expansion, GO-JEK has raised fund from several investors such as global company Google and local investor PT Astra International Tbk (IDX: ASII) with worth US$1 billion.
Written by Staff Editor, Email: theinsiderstories@gmail.com

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