DigiCo, a digital company owned by the MVP Group, announced today its acquisition of a 10 percent stake in Bayad Center and 100 percent of Multipay Corporation as part of the strategy to accelerate the country’s shift towards digital payments.
“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,” Manuel V. Pangilinan, DigiCo chairman, said.
DigiCo is owned by PLDT Inc., the Manila Electric Company, and Metro Pacific Investments Corporation.
“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,” Pangilinan added.
Under the deal, DigiCo will acquire a 10 percent stake in Bayad, a bills payment provider serving more than 800 utility, financial, and various billers with a network of more than 104,000 touchpoints nationwide. DigiCo’s acquisition of minority interest in Bayad is subject to closing conditions.
“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,” Lawrence Y. Ferrer, chief executive and president, said.
DigiCo also executed an agreement to acquire 100 percent of Multipay, a wholly owned subsidiary of Multisys Technologies Corporation (“Multisys”), 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 obtained.
“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,” Victor Y. Tria, chief executive and president of Multisys, said.
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 Kat Luna-Abelarde, DigiCo 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.
