Bayad Center has signed a business cooperation agreement with Densan in late 2016, wherein the Japanese firm will take a five percent equity stake in the Meralco subsidiary.
The transaction is expected to close within May 2017, company officials said.
“It’s just small. I think they should close by next month, only a small percentage,” Meralco chairman Manuel V. Pangilinan said.
The partnership will allow Bayad Center to expand its services from over-the-counter to mobile payments as Densan will provide the technological know-how.
“This partnership shall leverage on each party’s competencies and strength, with Densan providing the information technology expertise to enable Bayad Center to tap more convenience stores as payment fulfillment outlets,” Meralco CFO Betty Siy-Yap said.
Densan has a strong presence and track record with convenience stores in Japan as payment platform or channel.
Bayad Center offers over-the-counter payment collection service for organizations in the following sectors: utilities, government service, telecommunications, cable TV, internet, insurance and pre-need, healthcare, transportation, electronic wallet, credit card, real estate, financial services, arts and entertainment, columbary, memorial park, and charities.
On the other hand, Densan is a Japan-based company engaged in the provision of information services and payment-collection agent services.
