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Business deals

Tencent takes mobile payment fight with Alibaba to Philippines

WeChat Pay provider and KKR to invest $175m in PLDT fintech unit

PLDT fintech unit Voyager Innovations holds assets like PayMaya, a mobile wallet and payment platform. (Photo by Voyager Innovations)

MANILA -- Chinese internet company Tencent Holdings and U.S. private equity firm KKR will jointly invest up to $175 million in the financial technology unit of Philippine telecom PLDT.

The deal takes the battle between Tencent and Alibaba Group Holding for mobile payment supremacy to the Philippines. Last year, Alibaba affiliate Ant Financial Services Group invested 45% in the fintech arm of Globe Telecom, PLDT's leading rival.

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