GoTo Group, Indonesia’s biggest tech firm, says it has sold its majority stake in Filipino e-wallet Coins.ph, signalling the end of it efforts to capture the Philippines market.
Ride-hailing and payments firm Gojek, which merged last year with e-commerce leader Tokopedia to form GoTo, had acquired the stake in 2019 as it planned a full expansion into the Philippines. But the plan was halted in the same year after regulators did not grant it a ride-hailing licence.
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The Philippines, with a young, digitally-savvy population of 110 million, has seen increased investments from regional tech firms, including GoTo rivals Sea and Grab.
“Our focus on international operations remains in place,” said a GoTo spokesperson on Monday.
“We are committed to our core market in Indonesia as well as to our deepening investments in Vietnam and Singapore.”
GoTo said last week it plans to raise $1.1 billion in its upcoming initial public offering (IPO) in Jakarta, in one of Asia’s biggest IPOs so far this year.
- Reuters with additional editing by Sean O’Meara
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