Philippine Long Distance Telephone Company (PLDT) has invested €333 million ($446.6 million) in European company Rocket Internet.

The investment gives PLDT 10 per cent stake in Rocket, parent of online retailers Zalora and Lazada amongst others.

Rocket provides a platform for the rapid creation and scaling of consumer internet businesses outside the US and China. Its brands include the fast growing Dafiti, Linio, Jumia, Namshi, Lamoda, Jabong, Westwing, Home24 and HelloFresh, in Latin America, Africa, Middle East, Russia, India and Europe. Alongside e-commerce and marketplaces, financial technology and payments comprise Rocket’s third sector where it anticipates numerous and significant growth opportunities.

PLDT’s wireless subsidiary, Smart Communications, is a specialist in mobile banking and mobile wallet services, with services include online money transfers, payments, disbursement, banking and security.

PLDT and Rocket will jointly develop mobile and online payment technologies and services in emerging markets.

“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, president and CEO of PLDT.