Ant Financial takes equity stake in Phillippine mobile money firm
20 February 2017 | 5909 views | 1
Ant Financial, the financial services arm of China's Alibaba, is taking a stake in Mynt, a mobile payment and credit service owned by Philippine mobile operator Globe Telecom.
Ant Financial is joining with local conglomerate Ayala Corp to invest in Mynt, which is run by Globe's Fintech Innovations arm.
Mynt's GCash micropayment service can be used to buy prepaid load, pay bills, send money, make donations, shop online, and purchase goods without the need for cash. It is currently the biggest mobile money base in the Philippines with over 3 million registered customers and PHP1 billion worth of transactions per week.
Mynt also operates Fuse Lending, which 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.
Ayala chairman and CEO Jaime Augusto Zobel de Ayala, says: "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."