Ant Financial Services Group, a leading digital financial services provider and part of the Alibaba family of businesses, has invested in Mynt or Globe Fintech Innovations – part of Globe Capital Venture Holdings (GCVHI). Mynt is part of Globe Telecom the leading Philippine mobile operator. Ayala Corporation, one of the largest conglomerates in the Philippines, is part of the investment as well.
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 international 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.
After the investment, 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 capital infusion is designed tp 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.
“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.”
Ayala Chairman and CEO, Jaime Augusto Zobel de Ayala, said they were happy to be part of the Mynt deal.
“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.”
Ant Financial has been making investments in the payments space around the world. Last month, Ant Financial boosted its USA presence with the acquisition of MoneyGram.