Leading Philippine mobile operator Globe Telecom on Friday, February 17 announced that Ant Financial Services Group, one of the world’s leading digital financial services providers, has entered into a strategic partnership with Globe Fintech Innovations, Inc. (Mynt), a wholly-owned subsidiary of Globe Capital Venture Holdings (GCVHI) under Globe Telecom, and Ayala Corporation, one of the largest conglomerates in the Philippines, 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. 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 offers personal and business loans to unbanked and underserved Filipinos through the use of mobile technology, alternative data, and innovative credit scoring methods.
Subject to the closing of the transaction, Ant Financial, will own a substantial minority interest in Mynt while Ayala Corp will acquire a minority interest. GCVHI will hold the remaining equity interest.
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.
The deal represents Ant Financial’s first-ever investment in the Philippines and demonstrates the company’s confidence in Mynt and its management team to upgrade digital financial services in the region. With this partnership, Ant Financial, whose suite of digital financial services includes Alipay, will share with Myntitsknow-how in using technology to provide equal access to 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.”
“We are happy to be part of Mynt and capture the exciting opportunities in financial technology, ”said Ayala Chairman and CEO Jaime Augusto Zobel de Ayala. “We believe this is a great platform to redefine the country’s financial services space amidst a robust consumer market and an increasingly digital environment. 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.”
Leveraging the power of mobile and digital technology, Mynt is pioneering initiatives that provide financial services that previously were not available to most Filipinos. It is currently the biggest mobile money base in the Philippines with over 3 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.