Indonesia’s GoTo sells majority stake in Coins.ph

Indonesia’s GoTo group has announced that it has sold its majority stake in Filipino e-wallet Coins.ph.

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

“We are committed to our core market in Indonesia as well as to our deepening investments in Vietnam and Singapore.”

The Ken, on the other hand, reported that the buyer is Wei Zhou, former Chief Financial Officer of Binance, who bought the stake for almost USD 200PHP 11,737INR 16,950EUR 190CNY 1,456 million.

Gojek, which merged with Tokopedia to form GoTo in 2021, acquired stake in Coins.ph in 2019 for around, USD 95PHP 5,575INR 8,051EUR 90CNY 691 million.