Indonesia’s Go-Jek Acquires a Major Stake in Ripple’s Partner, Coins.Ph
Coins.ph, the Filipino blockchain start up and Ripple partner has sold a substantial stake of shares to Indonesian behemoth, Go-Jek. In the deal said to be worth $72 million, Go-Jek will have a new-found collaboration with Coins.ph allowing the company to foster dispensation of financial services to the under-served in Philippines. Specifically, Coins.ph will now have to incorporate Go-Pay, a payment platform for Go-Jek customers, and using their deep knowledge of the Filipino market, Coins.ph will leverage this knowledge to boost digital financial transactions in the Philippines.
The CEO of Coins.ph, Rose Hone, said:
“Coins.ph and Go-Jek share the same vision that has made each a success in their markets, empowering their customers by giving them lower-cost and more convenient access to services. Together we have a tremendous opportunity and by leveraging Go-Jek’s resources and expertise, we can give Filipinos even more convenience, choice, and access to the services they want.”
Go-Pay is the largest payment registered payment provider in Indonesia. It boosts of 24,000 merchants and more than 25 financial institutions in the country to facilitate easy, hassle free transfer of funds between users of Go-Jek. Meanwhile, Go-Jek is a billion-dollar startup facilitating efficient service delivery across Indonesia’s major towns. The application links vetted motorbike riders with customers just like Uber. Their services are available across the major cities in Indonesia including Jakarta, Surabaya, Bali and Bandung and residents refers this app as their personal time saver.
While acknowledging the partnership, the CEO of Go-Jek, Nadiem Makarim said:
“With the second largest population and a strong domestic economy, the Philippines is one of the most exciting markets in Southeast Asia. Supporting the success of a local fintech entrepreneurial champion like Coins.ph, with a similar ambition to empower society through innovation and technology, has always been part of our passion for growth. Today’s announcement marks the start of our long-term commitment to the Philippines and a continuation of our mission to use technology to improve everyday lives and create a positive social impact.”
A blockchain based platform that rides on existing infrastructure, Coins.ph has more than 10,000 transaction locations efficiently serving the un-banked. Aside from partnering with Ripple and using xRapid for fund transfer between the US and Philippines, Coins.ph is a secure Bitcoin exchange allowing users to buy and sell Bitcoins.