MANILA -- GCash parent firm Mynt and Mitsubishi UFJ Financial Group (MUFG) have closed their transaction on MUFG buying Mynt shares.

In a regulatory filing, Globe Telecom said this means MUFG now has an 8 percent stake in Mynt.

The deal, which took place in August last year, helped push GCash's valuation to $5 billion.

Ayala Corporation's subsidiary AC Ventures Holding Corp. also signed a definitive agreement to buy common shares from existing shareholders equivalent to an additional 8 percent ownership stake in Mynt for approximately P22.9 billion.

GCash doubles worth to $5-B as Ayala Corp ups stake, MUFG invests

GCash seen to surpass Globe’s valuation

Globe Telecom is still keen on holding an initial public offering for GCash (Mynt) in the Philippines but wants to offer a smaller part of the fintech giant's shares on the market than is mandated by the Philippine Stock Exchange.

It noted, however, that there is still no fixed date for its state bourse debut.

Globe reiterates no date, amount yet for GCash IPO

The telco giant said its share in Mynt's equity earnings reached a record P3.8 billion in 2024, which was 59 percent higher than the P2.4 billion booked in 2023.

GCash, which started out as an e-wallet platform, now allows users to save, invest their money, trade stocks, buy insurance, and even buy crypto.

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