After Indonesia, Vietnam, Thailand, and Singapore, ride-hailing firm Gojek has been trying to make the Philippines its next pitstop in Southeast Asia for a while now. With a near-$10 billion valuation and a population of 105 million to cater to, it all adds up.

To get a foot in the door, the Indonesian company bought Manila-based mobile wallet startup Coins in January 2019 in what The Ken understands was a $95 million deal. That’s a significant outlay for any still-to-be-profitable company.

But the deal’s promise remains unfulfilled.

An alliance with Gojek was Coins’ best chance of surviving intensifying competition following the entry of Chinese giants Tencent and Alibaba in the Philippines’ mobile payment space.