PLDT, parent of leading Philippines operator Smart, has struck a global partnership with Rocket Internet, the German internet investor, to develop mobile payments for emerging markets.

The operator will also invest €333 million ($446 million) for a ten per cent stake in Rocket.

The German firm has a wide array of e-commerce and online marketplace investments. Financial technology and mobile payments is the third area where it anticipates future growth.

Rocket is already an investor in Payleven, the mobile point-of-sale provider which is active in Europe and trying to break into Latin American markets.

Smart, along with domestic rival Globe, was among the first operators to make an impact with mobile money services, such as international remittances sent to and from mobile handsets.

“Our investment demonstrates our commitment to the global Internet market and our belief in the powerful synergies between e-Commerce and mobile payments, particularly in developing economies,” said Napoleon Nazareno, PLDT’s president and CEO.

Rocket, which is thought to be mulling a possible IPO, will issue new shares for the PLDT transaction. The Philippines operator will fund the transaction through cash and new debt.

Existing investors in Rocket include Kinnevik and Access Industries.