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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Economy 1 MIN READ

Indonesia’s GoTo sells stake in Philippines e-wallet Coins.ph

April 4, 2022By Reuters
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SINGAPORE, April 4 (Reuters) – GoTo Group, Indonesia’s biggest tech firm, said on Monday it had 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 license.

The Philippines, with a young, digitally-savvy population of 110 million, has seen increased investments from regional tech firms, including GoTo rivals Sea SE.N and Grab.

“Our focus on international operations remains in place,” said a GoTo spokesperson.

“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.

(Reporting by Fanny Potkin; Editing by Kanupriya Kapoor)

((f.potkin@thomsonreuters.com;))

This article originally appeared on reuters.com

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