Ant Financial enters the Philippines with Mynt lifeline
Ant Financial Services Group (formerly Alipay) is making its first foray into the Philippines via partnership with Ayala and investing into Globe Telecom’s Fintech business unit Mynt. 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.
Mynt is a wholly-owned subsidiary of Globe Capital Venture Holdings (GCVHI) under Globe Telecom. Upon 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.
Ernest Cu, Globe President and Chief Executive Officer, Ernest Cu said the capital infusion from will help position Mynt to democratize financial services in the Philippines.
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. It claims to be the only company in the country that serves as a one-stop shop for Fintech services for consumers, merchants, and organizations through GCash and Fuse Lending.
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