Chinese web behemoth Tencent and private equity giant KKR are paying a combined $175 million for a "substantial" minority stake in the fintech arm of Philippines telco PLDT.
PLDT will remain the majority shareholder in Voyager Innovations when the deal closes in the fourth quarter.
Voyager provides a host of digital finacial services to millions of Filipinos, including a digital wallet, a remittance network, a lending platform and a mobile acquiring service that helps firms accept digital payments.
The move sees Tencent bring its battle with Ant Financial to the Philippines. Last year, Jack Ma's firm invested in Voyager's main rival, Globe Fintech Innovations.
James Mitchell, chief strategy officer, Tencent, says: "Voyager Innovations connects the growing smartphone population in the Philippines to online payments and financial services. Tencent is glad to support Voyager Innovations and to advance financial inclusion."