18 February 2018
visit www.nextgenbanking.co.uk/

Ant Financial takes equity stake in Phillippine mobile money firm

20 February 2017  |  5648 views  |  1 Mobile phone turning to cash

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."

Comments: (1)

A Finextra member
A Finextra member | 21 February, 2017, 12:22

Very interesting collaboration that may create bigger business values than the sum of its components. Let's see if the differences in culture will work for the platform and not against it. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China's Ant Financial goes global in bid for two billion users in 10 years

China's Ant Financial goes global in bid for two billion users in 10 years

20 January 2017  |  11165 views  |  0 comments | 24 tweets | 15 linkedin
Ant Financial enters SE Asia with investment in mobile money firm Ascend

Ant Financial enters SE Asia with investment in mobile money firm Ascend

01 November 2016  |  5503 views  |  0 comments | 5 tweets | 3 linkedin
CBA provides Alipay with bridgehead to Australia

CBA provides Alipay with bridgehead to Australia

31 October 2016  |  5348 views  |  0 comments | 6 tweets | 7 linkedin
Ant Financial snaps up EyeVerify

Ant Financial snaps up EyeVerify

14 September 2016  |  5816 views  |  0 comments | 11 tweets | 7 linkedin
Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

26 April 2016  |  5177 views  |  0 comments | 8 tweets | 4 linkedin
Alibaba takes 40% stake in India's Paytm

Alibaba takes 40% stake in India's Paytm

29 September 2015  |  8769 views  |  0 comments | 18 tweets | 11 linkedin
Ant Financial adds messaging, P2P payments and loyalty offers to mobile app

Ant Financial adds messaging, P2P payments and loyalty offers to mobile app

08 July 2015  |  8061 views  |  0 comments | 9 tweets | 9 linkedin
Alibaba's Ant Financial takes credit scoring to a new level

Alibaba's Ant Financial takes credit scoring to a new level

28 January 2015  |  7262 views  |  0 comments | 13 tweets | 19 linkedin
Watch out banks, Alibaba is after your business

Watch out banks, Alibaba is after your business

16 October 2014  |  14629 views  |  0 comments | 32 tweets | 21 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.nextgenbanking.co.ukvisit www.swift.com/your-needs/instant-payments

Who is commenting?

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
10867 views comments | 16 tweets | 11 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8471 views comments | 15 tweets | 42 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8252 views 10 comments | 21 tweets | 26 linkedin
hands typing furiouslyHow can Blockchain Help with AML KYC
7919 views 3 | 9 tweets | 6 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job