Ayala to sell 50 pct stake in GCash parent to Japan's Mitsubishi | ABS-CBN

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

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

 | 

Updated Oct 18, 2024 10:14 AM PHT

Clipboard

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. 

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.

ADVERTISEMENT

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.

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. 

Meanwhile, Globe is valued at about $6 billion.


RELATED STORY: 



ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.