THE PANGILINAN GROUP, through DigiCo, is expanding its digital solutions platform by signing agreements to fully acquire Multipay Corp. and a 10% stake in CIS Bayad Center, Inc. (Bayad).
“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,” DigiCo Chairman Manuel V. Pangilinan said in a statement on Monday.
DigiCo is a digital services company owned by PLDT, its affiliate, power utility giant Manila Electric Co. (Meralco), and Metro Pacific Investments Corp.
“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,” Mr. Pangilinan said.
Under the signed agreements, DigiCo is set to acquire a 10% stake in Bayad, which is a bills payment provider serving over 800 utility, financial, and various billers.
Corporate Information Solutions, Inc., a wholly owned subsidiary of Meralco, owns a 95% share in Bayad.
“Meralco has agreed to sell 10% of its share interest in Bayad to DigiCo, subject to closing conditions,” Meralco said in a separate regulatory filing.
DigiCo is also set to fully acquire Multipay, another digital payment platform. It is a wholly owned subsidiary of software company Multisys Technologies Corp.
The agreements are still subject to closing conditions, PLDT said.
First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message on Monday that the digital payment platforms are expected to benefit from the enhanced digital infrastructure of PLDT.
Seedbox Securities, Inc. equity trader Jayniel Carl S. Manuel said both Multipay and Bayad stand to gain significantly from PLDT’s synergies and the company’s extensive network infrastructure.
“This partnership is poised to enhance the customer experience and expand the reach of digital payment services,” Mr. Manuel said in a message.
For PLDT, Mr. Manuel said that the company is poised to become a key player in the digital ecosystem.
“By integrating Multipay and Bayad Center into its portfolio, PLDT can offer more comprehensive and seamless digital financial services. This move not only diversifies PLDT’s revenue streams but also strengthens its market presence in the rapidly growing fintech sector,” he said.
At the local bourse, shares in the company closed P11 or 0.74% higher to end at P1,498 apiece on Monday.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose