Ant Financial, the parent company of Alibaba’s Alipay, and Ayala Corp, one of the largest conglomerates in the Philippines, agreed to invest an undisclosed amount to acquire minority interests in Globe Telecom’s fintech subsidiary Mynt.
Ant Financial and Ayala entered into a strategic partnership with the startup and will acquire new shares in Mynt, which operates GCash and Fuse Lending. The capital infusion will help Mynt accelerate its goal to boost financial inclusion and upgrade payment services in the Philippines by scaling up its mobile wallet services and expanding its digital financial services, Globe said in a statement.
The deal is Ant Financial’s first investment in the Philippines and will see the Chinese digital payment platform share its knowhow in using technology to provide equal access to financial services, the statement said.
“We look forward to working with Mynt to provide simple, secure, low-cost and accessible digital financial services to unserved and underserved individuals and small and micro enterprises in the Philippines, thus helping individuals to live a better life and helping SMEs to grow and create more jobs,” said Eric Jing, CEO of Ant Financial. “Ant Financial is committed to building an open, technology-based ecosystem with our partners.”
GCash is a micropayment service which can be used to buy prepaid credits, pay bills and send money. Fuse Lending offers personal and business loans to unbanked and underserved Filipinos through the use of mobile technology. Mynt has three million registered customers and PHP1 billion ($2.5 million) worth of transactions per week.
Ayala has a 31 per cent stake in Globe, while Singtel has a 47 per cent interest.