MANILA, Philippines – Mitsubishi Corporation has announced an agreement to acquire a 50% stake in AC Ventures Holdings Corp., a subsidiary of Ayala Corporation, for 18.4 billion pesos (approximately US$318 million). AC Ventures currently holds a 13% stake in Globe Fintech Innovations Inc. (Mynt), the operator of the leading mobile wallet service, GCash.

In a statement, Mitsubishi expressed enthusiasm for the partnership, noting that the agreement is subject to the execution of definitive transaction documents and customary closing conditions. The collaboration aims to enhance Mynt’s corporate value while exploring new business opportunities in the Philippines.

With the Philippines poised for significant economic growth—driven by a rising population and increasing GDP among ASEAN countries—there remains a vast market for digital financial services despite the country’s relatively low banking penetration rate. The widespread use of mobile phones and internet access offers a substantial opportunity, as approximately 80% of Filipinos have used GCash, which has become integral to daily transactions.

“We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users,” said Ayala President and CEO Cezar Consing.

Mynt, a joint venture between Alibaba affiliate Ant Group, Ayala, and Globe Telecom, operates two fintech companies: G-Xchange, which runs GCash, and Fuse Lending, a tech-based micro-lender.

In addition to digital payments, Mynt provides a variety of financial services, including loans, savings, insurance, and investment products. The company also boasts a vast network of over 6 million merchants.

Mitsubishi and Ayala also plan to sign a memorandum of understanding to explore joint ventures across several sectors, including property, energy, water, and automotive industries.

This initiative continues their long-standing partnership in the Philippines, which began in 1974, and highlights their shared commitment to contributing to the country’s economic development.

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