Alipay’s technology to upgrade payment experience for local users of Mynt’s GCash
The Philippine mobile operator Globe Telecom 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 Mynt its know-how in using technology to provide equal access to financial services.
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 ₱1 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.
Source: Business Inquirer