Ayala Corporation (Ayala), owner of 100% of AC Ventures Holding Corp. (ACV), has agreed to the effective sale of 50% of ACV to Mitsubishi Corporation (Mitsubishi) for a minimum of 18.4 billion pesetas. ACV owns ~13% of Globe Fintech Innovations, Inc. (Mynt). Mynt has two fintech companies: G-Xchange Inc, the GCash mobile wallet operator, and Fuse Lending, a technology-based microlender. The transaction is subject to conditions precedent, including regulatory approvals.
Mitsubishi, recognized as Japan’s largest trading company, represents a strategic opportunity for Mynt’s growth in international markets and the competitive Japanese ecosystem. With its vast global network and experience in different sectors, Mitsubishi can facilitate Mynt’s expansion into new countries and sectors, leveraging its infrastructure, contacts and knowledge. This alliance allows Mynt to integrate its services effectively, generating business opportunities and strengthening its market position, both in Japan and abroad.
Additionally, Mitsubishi could provide Mynt with crucial access to advanced technologies in areas such as cloud-based payments and credit algorithms. This would allow Mynt to offer more innovative financial solutions adapted to the needs of clients in diverse markets. The collaboration between both companies will not only enhance Mynt’s services, but will also help Mitsubishi strengthen its digital and financial ecosystem, consolidating its leadership in the commerce and technology sector in Japan and internationally.
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Ayala and Mitsubishi signed a partnership and cooperation agreement in 1974 that has since included industrial estates, renewable energy projects, a water supply company and car dealerships. The two companies are renewing their partnership with the aim of supporting and capitalizing on the Philippines’ economic growth, which this year is among the fastest in the region.
Mitsubishi could provide Mynt with crucial access to advanced technologies in areas such as cloud-based payments and credit algorithms
“We believe Mitsubishi can add significant value to Mynt, which will allow Mynt to deliver significant value to its more than 94 million registered users. “This is about better serving the many Filipinos who rely on GCash and Fuse, and making a greater variety of financial and other products available to as many Filipinos as possible,” said Cezar Consing, President and CEO of Ayala Corporation. .
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