Ayala-owned Globe Telecom has announced that Ant Financial, the digital payment firm of Chinese e-commerce giant Alibaba, is investing in its fintech unit Mynt ?to accelerate financial inclusion and upgrade payment services in the Philippines.?
Ant Financial, parent company of Alipay, and Ayala Corp. have signed the definitive documents to enter into an investment via subscription to new shares in Mynt, which operates GCash and Fuse Lending.
The deal represents first-ever investment in the Philippines by Ant Financial, whose parent company, Alibaba, is owned by Chinese billionaire Jack Ma.
Under the deal, Ant Financial will own a substantial minority interest in Mynt while Ayala Corp will acquire a minority interest. The remaining equity interest will be held by Globe Capital Venture Holdings (GCVHI), the parent company of Mynt.
The undisclosed capital infusion is expected to help Mynt become a world-class online and offline payment provider as well as scale up its mobile wallet services and quickly expand its digital financial services.
?A world-leading digital financial services provider has decided to partner with us. We are confident that having a strategic partner for Mynt will help fulfill our mission of providing financial services in a non-traditional manner that will benefit the majority of our population who are unbanked. With this partnership, we are set to democratize financial services in the Philippines,? said Ernest Cu, Globe president and chief executive officer.
?We look forward to working with Mynt?s innovative management team 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, chief executive officer of Ant Financial.
?Ant Financial is committed to building an open, technology-based ecosystem with our partners,? Jing added.
Globe claimed that Mynt is currently the biggest mobile money base in the Philippines with over 3 million registered customers and P1 billion worth of transactions per week.