China’s Tencent, KKR to invest in PayMaya developer

Chinese technology giant Tencent Holdings, the developer of WeChat, and a United States-based fund are entering PLDT Inc.’s digital innovations arm— a move seen to accelerate the use of cashless payments in the Philippines over the next few years. In a joint statement, PLDT said Tencent and investment firm KKR will invest up to $ 175 million (P9.5 billion) into PLDT unit Voyager Innovations, which operates the mobile wallet PayMaya. The deal was branded yesterday as the single largest investment to date in a Philippine tech company. “We can scale up and that’s what Tencent and KKR want to do,” PLDT chair and CEO Manuel V. Pangilinan told reporters in a briefing on Thursday. “Al…

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