Philippines: Ant Financial, Ayala take stake in Globe’s fintech unit Mynt

Visual from GlobeICON Facebook page.

Jack Ma’s Ant Financial Services Group made its first-ever investment in the Philippines acquiring a stake in fintech company Mynt, a unit of Globe Capital Venture Holdings (GCVHI) under Globe Telecom Inc and diversified conglomerate Ayala Corp.

Globe disclosed on Friday (February 18) the deal is meant to accelerate financial inclusion and upgrade payment services in the Philippines. Ant Financial is the parent firm of Alipay, a leading mobile payments app in China.

“The fresh capital infusion will help Mynt achieve its vision of becoming a world-class online and offline payment provider as well as scale up its mobile wallet services and quickly expand its digital financial services,” Globe said in its statement.

Also Read: Jack Ma’s Ant Financial snaps up US remittance firm MoneyGram for $880m

Ant Financial and Ayala have signed the definitive documents to enter into an investment via subscription to new shares in Mynt, which operates GCash and Fuse Lending.

GCash is an internationally-acclaimed micropayment service which can be used to buy prepaid load, pay bills, send money, make donations, shop online, and purchase goods without the need for cash.

Fuse Lending, meanwhile, offers personal and business loans to unbanked and underserved Filipinos through the use of mobile technology, alternative data, and innovative credit scoring methods.

Also Read: Singapore: MC Payment acquires controlling stake in Alipay-licensed Genesis

Subject to the closing of the transaction, Ant Financial, will own a substantial minority interest in Mynt while Ayala will acquire a minority interest. GCVHI will hold the remaining equity interest.

One of the main strategies is to utilize Alipay’s technology to upgrade payment experience for local users of Mynt’s GCash.

Ayala Chairman and CEO Jaime Augusto Zobel de Ayala expressed confidence that the platform will redefine the country’s financial services space amidst a robust consumer market and an increasingly digital environment.

Also Read: Philippines’ Ayannah wins Fintech Finals 2017 in Hong Kong

“With the combined strengths of Ayala, Globe, and Ant Financial, we believe we can help more Filipinos gain access to safer, more convenient, and extensive payment and lending platforms,” Ayala said.

Globe reported Mynt is currently the biggest mobile money base in the Philippines with over three million registered customers and P1 billion worth of transactions per week.

Mynt is also the only company in the Philippines that serves as a one-stop shop for fintech services for consumers, merchants, and organizations through GCash and Fuse Lending.

Also Read:

Ant Financial said to be raising up to $3b debt to chase M&As

Philippines: Fintech startups Acudeen, First Circle join hands to target SMEs

Irish fintech startup First Circle gets $1.2m seed capital, to expand in SE Asia

Philippines: Kakao’s KVG backs fintech startup Satoshi Citadel

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.