GO-JEK is a technology startup based in Jakarta, Indonesia that’s specialty is in ride-hailing and logistics. According to rumors GO-JEK purchased Coins.ph for $72 million. Go-Jek is a massive player in the Indonesian ride-hailing app. Go-Jek allows their driver to be immediately paid. This is possible due to members keeping some minimum funds balance inside their account. As it grows, Go Jek is more or less becoming a depository taking financial institution.
GO-JEK reminds us of Uber. Uber is a company that Ripple has used a lot in their presentations. You can almost say GO-JEK is the Uber of Indonesia. We believe this is a strategic move for GO-JEK, as purchasing an Xrpaid enabled exchange they can now move money through the exchange using XRP to pay their employees in a matter of seconds for fractions of a penny.
Coins.ph was started in 2014 by Silicon Valley entrepreneur Ron Hose, Coins is Southeast Asia’s leading mobile blockchain-enabled platform that enables anyone, including those without bank accounts, to easily access financial services directly from their phone. Using Coins, customers have access to a mobile wallet and services such as remittances, air-time, bill payments, and online shopping at over 100,000 merchants who accept digital currency. Operating in the Philippines and Thailand, Coins’ mission is to increase financial inclusion by delivering financial services directly to people through their mobile phones.
Time will tell what comes about from this, but all signs point us to a brilliant move by GO-JEK as they look to expand their business into the Philippines.