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Indonesia’s GoTo Sells Stake in Philippines E-wallet Outfit

GoTo calls a halt on planned Philippines expansion with Coins.ph investment after it failed to earn ride-hailing licence

GoTo shares
Indonesia's GoTo. Photo montage: AFP.


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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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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