Ayala to sell 50 pct stake in GCash parent to Japan's Mitsubishi | ABS-CBN
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Ayala to sell 50 pct stake in GCash parent to Japan's Mitsubishi
Ayala to sell 50 pct stake in GCash parent to Japan's Mitsubishi
Benise Balaoing,
ABS-CBN News
Published Oct 18, 2024 09:41 AM PHT
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Updated Oct 18, 2024 10:14 AM PHT
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MANILA -- Ayala Corporation said Friday it was selling a portion of its stake in the parent company of fintech giant GCash to Japan's Mitsubishi Corporation.
MANILA -- Ayala Corporation said Friday it was selling a portion of its stake in the parent company of fintech giant GCash to Japan's Mitsubishi Corporation.
In a statement, Ayala said it was selling 50 percent of AC Ventures Holding Corporation to Mitsubishi for P18.4 billion.
In a statement, Ayala said it was selling 50 percent of AC Ventures Holding Corporation to Mitsubishi for P18.4 billion.
AC Ventures owns 13 percent of Globe Fintech Innovations, which is also known as Mynt, the owner of GCash.
AC Ventures owns 13 percent of Globe Fintech Innovations, which is also known as Mynt, the owner of GCash.
In a statement, Ayala said Mitsubishi can help Japan grow overseas and in areas like-cloud based payments and new credit algorithms.
In a statement, Ayala said Mitsubishi can help Japan grow overseas and in areas like-cloud based payments and new credit algorithms.
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Ayala Corp. president and chief executive officer Cezar Consing said Mitsubishi would help deliver more value to Mynt's 94 million registered users.
Ayala Corp. president and chief executive officer Cezar Consing said Mitsubishi would help deliver more value to Mynt's 94 million registered users.
"It's all about serving better the many Filipinos that depend on Gcash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible," he said.
"It's all about serving better the many Filipinos that depend on Gcash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible," he said.
GCash, the largest fintech in the Philippines, is possibly seen to surpass its parent firm Globe in terms of company valuation in the near future, company executives said last week.
GCash, the largest fintech in the Philippines, is possibly seen to surpass its parent firm Globe in terms of company valuation in the near future, company executives said last week.
GCash is now valued at $5 billion, after Ayala Corp raised its stake in the fintech leader and Mitsubishi UFJ Financial Group invested in the company.
GCash is now valued at $5 billion, after Ayala Corp raised its stake in the fintech leader and Mitsubishi UFJ Financial Group invested in the company.
Meanwhile, Globe is valued at about $6 billion.
Meanwhile, Globe is valued at about $6 billion.
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