DigiCo, a digital entity owned by businesses led by Manuel V. Pangilinan (“MVP Group”), today announced its execution of separate agreements to acquire a 10% interest in Bayad Center (“Bayad”) and 100% of Multipay Corporation (“Multipay”).
"Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country's shift to digital payments. These companies will improve the payment experience for the Filipino consumer and provide partners with integrated solutions,” said DigiCo Chairman Pangilinan.
DigiCo is owned by PLDT Inc. (“PLDT”) (PSE: TEL) (NYSE: PHI), Manila Electric Company (“Meralco”) (PSE: MER), and Metro Pacific Investments Corporation (“MPIC”). “Harnessing the data assets of the MVP Group will enable us to deliver a superior, intuitive, and personalized customer experience, backed by insights that can uplift the way we serve our customers across the MVP Group,” Pangilinan added.
Under the deal, DigiCo will acquire a 10% stake in Bayad, a bills payment provider which serves more than 800 utility, financial, and various billers with a network of more than 104,000 touchpoints nationwide. DigiCo’s acquisition of minority interest in Bayad is subject to closing conditions.
“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,” said Lawrence Y. Ferrer, CEO and President of Bayad.
DigiCo also executed an agreement to acquire 100% of Multipay, a wholly owned subsidiary of Multisys Technologies Corporation (“Multisys”), whose strong relationship with various billers and digital payment channels is expected to complement and add value to an integrated payment platform's capabilities. Multipay’s acquisition will be completed once all closing conditions are obtained.
"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 Victor Y. Tria, CEO and President of Multisys.
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, according to Kat Luna-Abelarde, DigiCo Chief Commercial Officer. "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 added.
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This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and opportunities that could affect PLDT’s business and results of operations. Although PLDT believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.
For further information, please contact:
Melissa V. Vergel de Dios
pldt_ir_center@pldt.com.ph
Deborah Anne N. Tan
dntan@smart.com.ph
