Ayala Corp, a major Philippine conglomerate, has raised its stake in Mynt to 13% by purchasing an additional 8% for PHP 22.9 billion (approximately USD 393 million). According to Reuters, the Philippines is experiencing considerable growth in the fintech sector, with a notable rise in digital service adoption during the pandemic.
MUFG, Japan’s largest banking group, has committed USD 393 million to acquire an 8% stake in Mynt. MUFG has previously invested in other tech companies and startups across Asia-Pacific, including Grab and Akulaku. MUFG highlighted the favourable conditions in the Philippines for digital financial services, citing high mobile phone and internet usage as important factors.
Mynt is a joint venture among Alibaba’s Ant Group, Ayala, and Globe Telecom. Globe Telecom holds around 35% of Mynt, while Ant Group has a stake of approximately 34%. Mynt began to break even in the latter half of 2021 and is projected to contribute significantly to Globe Telecom's earnings in 2024. Reuters further reports that analysts expect Mynt’s earnings to approach USD 200 million in 2024.
In May 2024, Globe Telecom officials indicated that GCash might pursue a public listing in the Philippines in 2025. Mynt is in direct competition with Voyager, the Philippines' only other fintech unicorn, which is valued at over USD 1 billion.
In October 2023, Philippines-based telecommunications company Globe announced it sold a 77% stake in electronic payment service provider ECPay to GCash parent Mynt. The acquisition aimed to improve GCash's fintech services and expand financial accessibility. At the time, Globe officials stated that Mynt’s digital expertise will benefit ECPay, leveraging its untapped potential.
Additionally, this move enabled GCash to stand out amidst the growing competition in the mobile wallet market. Globe acquired ECPay in 2019, with ECPay being a main provider of electronic customer purchase and payment systems in the Philippines.
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