Philippine mobile operator Globe Telecom reported that Ant Financial Services Group 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 to accelerate financial inclusion and upgrade payment services in the Philippines, the company said.
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.
Globe Telecom is a telecommunications company based in the Philippines, serving the needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connections, internet and managed services. Its principals are Ayala Corporation and Singtel who are acknowledged industry leaders in the country and in the region.
Globe Capital Venture Holdings, Inc. (GCVHI) is a wholly-owned subsidiary of Globe Telecom which consolidates strategic non-core businesses of Globe such as Globe Fintech Innovations, Inc. (GFI) and Adspark Holdings, Inc. (AHI). It leverages on Globe Telecom´s strength as a telecommunications company while developing and growing identified new ventures.
Mynt is a fully-owned subsidiary of Globe Capital Venture Holdings, Inc.that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations.
Ayala, founded in 1834, has maintained dominant positions in various industries in the Philippines.
Ant Financial Services Group is focused on serving small and micro enterprises, as well as consumers.