Indonesia's Go-Jek invests in Filipino payments startup Coins.ph

Deal comes days after ride-hailing giant is blocked from expanding into country

Go-Jek could still take another shot at entering the Philippine market by changing its new affiliate's ownership structure. © Reuters

SHOTARO TANI, Nikkei staff writers

January 18, 2019 20:23 JST

JAKARTA -- Indonesia's Go-Jek has announced an investment in the Filipino payments startup Coins.ph, a week after the country's authorities barred the ride-hailing operator's entry into the Philippines.

Go-Jek announced on Friday that its payments platform Go-Pay will partner with Coins.ph, and as part of the deal the Indonesian company has made a "substantial acquisition of shares" in the Filipino company. Go-Jek's announcement did not reveal the value of the investment, or the percentage of shares it will hold in Coins.ph.