Manila, Philippines – Mynt, the fintech arm of Globe, has announced that it is fully acquiring payment system provider ECPay. Through the acquisition, Globe Telecom is now selling its previously-acquired 77% stake in ECPay to Mynt. ECPay’s minority stakeholder, Payment One, is likewise a party to the agreement.
Upon closing of the transaction, ECPay will have access to GCash’s platform, enabling ECPay to better traverse the ever-evolving digital landscape to which GCash is a leader in. As for Mynt, it is expected to better harmonise the capabilities of both ECPay and GCash. The acquisition will help GCash provide best-in-class services in the fintech space and further democratize financial access.
Ernest L. Cu, president and CEO at Globe, shared, “GCash’s meteoric rise to become one of the top fintech brands and the aggressive expansion of its financial services have created a perfect environment for strategic synergies with ECPay. Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers.”
Meanwhile, Rizza Maniego-Eala, chief financial officer at Globe, commented, “Mynt’s digital savviness will spill over to ECPay, maximising its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up. With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem.”
ECPay is a leading electronic payment service provider in the Philippines and was previously acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets.
