Mitsubishi to acquire stake in GCash parent for PHP 18B

Conglomerate Ayala Corp. has decided to sell 50 percent of its stake in the parent firm of mobile wallet giant GCash to Japan's Mitsubishi Corp.

GCash file photo

Ayala-Mitsubishi tieup

The group announced this move in a filing to the Philippine Stock Exchange (PSE) on Friday.

Ayala said Mitsubishi would own half of AC Ventures Holding Corp. (ACV), the company that holds a 13 percent interest in Globe Fintech Innovations, Inc. (Mynt), for at least PHP 18.4 billion.

The Zobel family-led firm was bullish about Mitsubishi strengthening Mynt’s position in the international market, particularly in Japan, as well as in areas like cloud-based payments and new credit algorithms.

Mynt operates two financial technology firms: e-wallet GCash and microlender Fuse Lending.

We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users. It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible, said Cezar Consing, president and chief executive officer of Ayala Corporation.

See also: Ayala and Mitsubishi finalize PHP 18.4-billion deal for GCash stake

Source: PSE