Tencent took its mobile payment rivalry against Alibaba up a notch on Thursday by joining up with private equity fund KKR to invest $175 million in a digital payment platform in the Philippines.
The agreement to take a minority stake in Voyager Innovations, the digital platform of the Philippines’s biggest telecommunications provider, PLDT, is a major coup for Tencent in its efforts to access Southeast Asia's second-largest internet population.
Tencent and KKR said the transaction the largest investment ever in a Philippine technology company is expected to close by the end of the year.
For Tencent, the...
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