Ayala and Mitsubishi strengthen strategic partnership

MANILA – Ayala Corporation (Ayala), which owns 100% of AC Ventures Holding Corp. (ACV), has agreed to effectively sell 50% of ACV to Mitsubishi Corporation (Mitsubishi) for a minimum of P18.4 billion. ACV owns ~13% of Globe Fintech Innovations, Inc. (Mynt). Mynt has two fintech companies: G-Xchange Inc., the mobile wallet operator of GCash, and Fuse Lending, a tech-based micro-lender. The transaction is subject to conditions precedent including regulatory approvals.

Mitsubishi, Japan’s largest trading company, can help Mynt grow overseas and within its own significant Japan-based ecosystem, and in areas like cloud-based payments and new credit algorithms.

Ayala and Mitsubishi entered into a partnership and cooperation agreement in 1974 that has since featured industrial estates, renewable energy projects, a water utility, and auto dealerships. The two companies are refreshing their partnership with the objective of supporting and capitalizing on the Philippines’ economic growth, which this year ranks among the fastest in the region.

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