Manila, Philippines – Mitsubishi Corporation (MC) has announced that alongside Ayala Corporation (AC), and AC Ventures Holding Corp (ACV), they have reached an agreement on MC’s investment in ACV subject to the execution of definitive transaction documents and the satisfaction of customary closing conditions. 

AC is a major conglomerate in the Philippines and ACV currently holds an about 13% stake in Mynt, the parent company of GCash. Under the terms of the agreement, MC shall acquire a 50% stake in ACV and pursue future investment opportunities.

In addition, MC and AC are going to sign a memorandum of understanding (MoU) on a comprehensive collaboration in the Philippines. The MoU covers additional business developments aimed at stimulating the country’s economic growth.

MC aims to create a prosperous society and a “Smart-Life” ecosystem in the form of improved lifestyle for consumers by launching multiple attractive businesses that address social issues and consumer needs in each region and country, and organically connecting them. These ecosystem addresses both challenges faced by social issues and consumer needs, and sustainable growth of our business portfolio.

Data notes that around 80% of the country’s citizens have tried using the GCash mobile wallet, which is Mynt’s core business. With a vision to accelerate financial inclusion in the Philippines, the product has by far the largest mobile-wallet customer base in the Philippines and has grown into an indispensable service infrastructure, relied on by millions for daily payments, transfers and other financial transactions. 

In addition to its digital payments and transfers, Mynt, through its other subsidiaries, also provides access to loan services using non-traditional ways to assign customer credit scores to enable access to fair lending. It has also expanded its financial services offerings to provide users access to savings, insurance, and investment products. 

Furthermore, it has built the largest network of online and offline merchants including social sellers with over 6 million partners while hosting over 1,000 merchant partners in its app, via GLife.

With this recent partnership, both MC and AC are committed to boosting Mynt’s corporate value and leveraging other joint initiatives to create new businesses in the Philippines and contribute to its economic development. Those efforts will include continuous business development and cross-sales in C2B area like retail and healthcare, and multifaceted collaborations in mobility, renewable energy, carbon management and elsewhere.

Lastly, with the Mitsubishi UFJ Financial Group (MUFG) having also announced its investment in Mynt this past August, MC and AC shall work with MUFG as fellow shareholders to aid the company’s future growth and development.

Manila, Philippines – Globe Telecom’s venture builder 917Ventures and Ayala Corporation (AC) Ventures have entered into a new partnership to explore business opportunities, as well as grow their own business ecosystems.

Through the partnership, AC Ventures will participate in funding the research, development, and launch of 917V’s new business ventures. 

The partnership with AC Ventures hopes to further accelerate both the quantity and quality of its future companies as the unique advantages now encompass the broader Ayala group, including real estate, banking, power, healthcare, and logistics.

Vince Yamat, managing director at 917Ventures, said, “We are very excited to work with AC Ventures. We can leverage the ecosystem and network advantage that they provide to solve the pain points of consumers and businesses. Through digital solutions, we can help pave the way and deliver indelible value to the Philippines and the Asia-Pacific region.”

Meanwhile, Alberto de Larrazabal, chief finance officer at Ayala Corporation and president/CEO at AC Ventures, commented, “The accelerated growth of digital adoption has become ingrained in many Filipinos who have quickly transitioned how they work, study, play, and access basic services.”

He added, “Ayala intends to participate in this multi-decade transformation by contributing to the research and development and incubation of disruptive solutions across different consumer touchpoints in our portfolio. With its strong track record of developing startups to achieve scale and profitability, we believe that 917Ventures is the natural vehicle for Ayala’s digital ventures.”