Xendit absorbs Philippine payments pioneer Dragonpay
What's the deal? Xendit, Southeast Asia's payments infrastructure company, said in July 2026 it has fully absorbed DragonpayDealroom has a profile for this one. Try Dealroom → Corp., the Philippines' pioneer in alternative digital payments. The move builds on a strategic partnership that began in August 2021, when Xendit first invested in Dragonpay.
What each side brings: Founded in 2010, Dragonpay enabled millions of Filipinos, including those without bank accounts or credit cards, to transact online through online banking, e-wallets, and over-the-counter channels at banks, convenience stores, and remittance outlets. It supports 905 merchants and works with 44 partners across banks, non-bank financial institutions, e-wallets, and over-the-counter outlets.
What changes for merchants: Dragonpay merchants can now access Xendit's platform, including more than 100 payment methods, payouts, cross-border payments, and financing. The companies said they will work together on business continuity and product innovation.
Why now? The Philippines' digital economy is accelerating, supported by the Bangko Sentral ng Pilipinas' push to digitalise payments nationwide. Xendit expects the combination of local roots and regional infrastructure to help merchants meet shifting customer preferences and prepare for cross-border growth.
What's the endgame? The deal advances Xendit's effort to build a unified payments network across Southeast Asia, replacing fragmented local integrations with a single infrastructure layer. It follows the company's full acquisition of Malaysia's PayexDealroom has a profile for this one. Try Dealroom → in 2025 and its expansion into Thailand in 2024.
Chief executive Moses LoDealroom has a profile for this one. Try Dealroom → said Dragonpay "wrote the first chapter of digital payments in the Philippines." Dragonpay founder Robertson ChiangDealroom has a profile for this one. Try Dealroom → called the deal "the natural next step in a partnership that has worked from day one."
The signal: Xendit now operates in Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Singapore, and Hong Kong. Its steady absorption of established local players points to a regional consolidation race, as fintechs bet that a single cross-border infrastructure layer will win Southeast Asia's fragmented payments market.
Read more: Manila Standard
Image credit: Generated with Gemini
