Mitsubishi Corporation (MC) has announced that Mitsubishi Corporation, Ayala Corporation (AC), and AC Ventures (ACV) have agreed to a transaction by Mitsubishi Corporation, subject to the execution of definitive transaction documents and the satisfaction of customary closing conditions. announced that they have reached an agreement to invest in ACV. AC is a leading conglomerate in the Philippines, and ACV currently owns approximately 13% of the stake in Globe Fintech Innovations (Mynt), the parent company of GCash, the Philippines’ number one financial super app and the country’s largest digital cashless ecosystem. I own it. Under the terms of the agreement, Mitsubishi Corporation will acquire a 50% stake in ACV and pursue future investment opportunities.
Additionally, Mitsubishi Corporation and AC plan to sign a Memorandum of Understanding (MoU) regarding comprehensive cooperation in the Philippines. The MoU includes additional business development aimed at stimulating the country’s economic growth.
Mitsubishi Corporation is launching a number of attractive businesses that solve social issues and consumer needs in each country and region, and by organically linking these businesses, we aim to create a “smart life” that enriches society and improves consumer lifestyles. ” We aim to build an ecosystem. These ecosystems address both the challenges faced by social issues and consumer needs, as well as the sustainable growth of our business portfolio.
Among various consumer services, digital financial services are positioned as an important initiative to capture expanding consumer demand in ASEAN and realize a society where everyone can easily access financial services (financial inclusion). Masu. It is also seen as an infrastructure business that organically links multiple consumer services.
The Philippines is expected to have the highest population and GDP growth rates among ASEAN countries. Although relatively few people in the Philippines have a bank account, most people have a mobile phone and access to the internet, making the country an attractive market with significant room for growth in digital financial services. I am. Approximately 80% of the population has used Mynt’s core business, the mobile wallet GCash. With a vision to accelerate financial inclusion in the Philippines, the product has the largest ever mobile wallet customer base in the Philippines and is an essential tool that millions of people rely on for daily payments, remittances, and other financial transactions. service infrastructure has grown. In addition to digital payments and remittances, Mynt, through other subsidiaries, also provides access to lending services using non-traditional methods of assigning customers’ credit scores to enable access to fair financing. . We have also expanded our financial services offering, giving users access to savings, insurance and investment products. Additionally, we have built the largest network of online and offline merchants, including over 6 million partners and social sellers, while hosting over 1,000 merchant partners in-app through GLife.
AC is one of the largest conglomerates in the Philippines. Since Mitsubishi Corporation first partnered with us in 1974, we have built a track record of collaboration in a variety of industries across the country. This year marks the 50th anniversary of the partnership, and to further strengthen the relationship, the two companies signed a comprehensive memorandum of cooperation. Mitsubishi Corporation and AC will continue to improve Mynt’s corporate value, create new businesses in the Philippines through joint initiatives, and contribute to the development of the Philippine economy. These efforts include continued business development and cross-sales in C2B sectors such as retail and healthcare, multifaceted collaboration in mobility, renewable energy, carbon management, and more.
Mitsubishi UFJ Financial Group (MUFG) also announced an investment in Mynt in August this year, and as shareholders, Mitsubishi Corporation and AC will work together with MUFG to support the company’s future growth and development.
