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PLDT open to new partners for voyager

Telco giant PLDT Inc. said it was open to negotiating with other groups seeking a strategic partnership with unit Voyager Innovations Inc. after talks with China’s Tencent bogged down.

PLDT chair and CEO Manuel V. Pangilinan noted that while they have not started formal discussions with other parties, the group has received “feelers” to do so.

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“We are open to talking to them,” Pangilinan said, without naming the groups.

He said previous talks with Tencent, best known as the developer of messaging, social media and mobile payments app Wechat, did not result in any agreement.

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“We’ve been waiting,” Pangilinan said, adding “we just have to assume it’s a no go situation.”

A partner for Voyager could help bolster Voyager’s business, which leans heavily toward fintech. It is best known for its Paymaya mobile wallet, which competes with rival Globe Telecom’s GCash.

That business is held under Globe Fintech Innovations. Last year, Globe lured Chinese tycoon and Alibaba founder Jack Ma into this venture.

Pangilinan had noted that Voyager would proceed with its own growth initiatives with or without a strategic partner.

Voyager reported revenues of P1.24 billion last year, representing a gain of 70 percent year-on-year, PLDT’s annual report showed. The gains were due to an increase in transactions via the PayMaya platform.

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TAGS: Business, PLDT
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