Ant Financial, an affiliate of e-commerce giant Alibaba that operates Alipay, and Filipino conglomerate Ayala have taken stakes in Filipino fintech firm Mynt for an undisclosed amount.
Mynt, a unit of Globe Telecom, operates GCash and Fuse Lending. GCash can be used to purchase prepaid load, pay bills, transfer money, make donations, shop online, and purchase goods without cash. Fuse Lending offers personal and business loans through mobile technology, alternative data, and credit scoring methods.
Ant Financial and Ayala have signed documents to enter into an investment via subscription to new shares in Mynt, with an aim “to accelerate financial inclusion and upgrade payment services in the Philippines”.
Ant Financial will have a substantial minority interest in Mynt following completion of the deal. Ayala will have a minority stake, while the remaining stake will be held by Mynt parent Globe Capital Venture Holdings (GCVHI).
Globe said that the latest investment in Mynt will help the fintech firm realise its objective of becoming a leading online and offline payment provider, scale up its mobile wallet services and expand its digital financial services.
Ant Financial CEO Eric Jing said: "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."
Ayala chairman and CEO Jaime Augusto Zobel de Ayala said: "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."