DigiCo, a digital entity owned by businesses led by Manuel V. Pangilinan (the MVP Group), has finalised separate agreements to acquire a 10% interest in Bayad Center and 100% of Multipay Corporation for a yet undisclosed amount.
“Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments,”
the DigiCo Chairman said in a disclosure to the Philippine Stock Exchange.
Manuel noted that these companies would improve the payment experience for Filipino consumers and provide partners with integrated solutions. DigiCo is owned by PLDT Inc., Manila Electric Company (Meralco), and Metro Pacific Investments Corporation.
“Harnessing the data assets of the MVP Group will enable us to deliver a superior, intuitive, and personalised customer experience, backed by insights that can uplift the way we serve our customers across the MVP Group,”
Manuel added.
Under the deal, DigiCo will acquire a 10% stake in Bayad Center, 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 a minority interest in Bayad is subject to closing conditions. The firm is a fintech subsidiary of Meralco.
“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 Bayad President and CEO Lawrence Y. Ferrer.
DigiCo also executed an agreement to acquire 100% of Multipay, a wholly owned subsidiary of Multisys Technologies Corporation, 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 met. Multisys is 46% owned by PLDT through PLDT Global Investments Holdings, Inc.
“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 President and CEO Victor Y. Tria.
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 DigiCo Chief Commercial Officer Kat Luna-Abelarde.
She added that,
“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 digitalisation push, particularly financial inclusion for Filipinos across the nation.”
Featured image credit: Edited from Freepik
