DigiCo, a new digital entity owned by businesses led by Manuel V. Pangilinan (MVP Group), yesterday signed separate agreements to acquire full ownership of Multipay Corp. and a minority stake in Bayad Center to accelerate the country’s shift to digital payment.
“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,” Pangilinan, DigiCo chairman, said in a disclosure to the Philippine Stock Exchange.
Under the deal, DigiCo will acquire a 10 percent stake in Bayad, a bills payment provider that serves more than 800 utility, financial and various billers with a network of more than 104,000 touchpoints nationwide.
“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 Ferrer, chief executive officer (CEO) and president of Bayad.
DigiCo also executed an agreement to acquire 100 percent of Multipay, a wholly owned subsidiary of Multisys Technologies Corp., 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 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 Tria, Multisys CEO and president.
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, said Kat Luna-Abelarde, DigiCo’s 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.
DigiCo said its acquisition of Bayad and Multipay will be completed once all closing conditions are obtained.
DigiCo is jointly owned by PLDT Inc., Manila Electric Co. and Metro Pacific Investments Corp.
