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 – GCash, a finance application, has forged a partnership with Toki, a collectible-focused social e-commerce platform, to establish a community of collector items’ buyers and sellers. 

The GCash application will be integrated into the Toki platform, allowing convenience and payment security for its users. This will also give them access to GCredit, a mobile credit line, and GGives, the application’s installment loan service. Meanwhile, sellers can use GCash QR codes to enhance the payment process and user experience.

By the end of the year, Toki will also integrate GCash’s Webpay, which allows end-to-end transactions within the platform or during its livestream auctions. Meanwhile, Toki will also be included in the lifestyle products under the GLife feature next year. 

Toki is the first platform dedicated to collectibles in the country, founded by former GCash employees. The idea for launching the platform sprung from the founders’ experience as collectors themselves. Knowing the difficulties faced by local collectors in buying and selling, they formed a platform that is tailored to their needs.

“The founders of Toki, all former members of the GCash team, have a long-standing history with GCash, and through this global partnership, GCash is poised to significantly boost Toki’s growth journey,” Toki co-founder Frederic Levy said.

“Toki is beginning a truly remarkable collaboration with GCash, and the entire team is particularly excited about the support from the number finance super app and largest cashless ecosystem in the Philippines,” Levy added.

Toki was launched in November 2023. Since then, the company has more than 70,000 users and over 200 sellers. Collector items such as sneakers, toys, cards, and more can be found on the platform.

Philippines – Mobile payments service GCash has released a short film featuring the journey of Paralympic medalist Adeline “Adz” Dumapong, highlighting the financial challenges experienced by para-athletes in the Philippines. 

The film is the latest addition to GCash Stories, a digital series that tells the modern-day narratives of Filipinos with the aim of inspiring others.

Having experienced challenges in raising funds for her international competition, Dumapong finds solutions with the help of GCash, as reflected in the short film.

”Adz is a true inspiration. Her story is a powerful reminder of the potential in every individual, regardless of their abilities. We hope this film sparks a conversation about the need for inclusion and progress for all, especially the greater support needed for the community of persons with disabilities,” Neil Trinidad, chief marketing officer of GCash, said.

GCash continues to support persons with disability by signing a memorandum of understanding with the National Council for Disability Affairs to promote an inclusive workspace. It has also partnered with women-led organisation WOW LEAP in support of its programs. 

“We are proud to partner with organisations like the NCDA and WOW LEAP, Inc. to support the PWD community. Adz’s story embodies our mission of financial inclusion and is just the beginning. We are committed to working closely with the PWD sector to provide financial education and support, ensuring that everyone has equal opportunities to thrive,” Winsley Bangit, group head of New Businesses and Wealth Management at GCash, said.

Philippines – Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has announced new strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG), elevating its valuation to $5 billion—more than double the $2 billion valuation from 2021.

In a disclosure released Thursday, Ayala Corporation, via its subsidiary AC Ventures Holdings, Inc., will acquire an additional 8% stake in Mynt for approximately ₱22.9 billion, valuing Mynt at ₱286.4 billion. This boosts Ayala’s ownership of Mynt to around 13%. 

According to Ayala, its increased investment in Mynt aligns with its strategy to reallocate capital to high-performing ventures. Boosting its stake in Mynt enables Ayala to capitalise on GCash’s robust long-term growth potential.

Concurrently, Mitsubishi UFJ Financial Group (MUFG), via its consolidated subsidiary MUFG Bank, Ltd., will also acquire an 8% stake following the signing of binding investment agreements.

Martha Sazon, president and CEO of Mynt, said, “We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially for the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development and its expertise in multiple industries will accelerate GCash’s mission.” 

Meanwhile, Yasushi Itagaki, senior managing corporate executive and head of the global commercial banking business group at MUFG, said, “GCash is an indispensable infrastructure for the everyday lives of Filipinos, and we are delighted to join Mynt as a strategic investor to support the growth of the company. With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”

Cezar Consing, president and CEO of Ayala Corporation, also commented, “We like the long-term growth prospects of Mynt. It is a clear leader in a fast-growing space and a key contributor to the Philippines’ economic growth. Mynt is valuable because it enables underserved Filipino consumer and business segments to thrive.” 

With Morgan Stanley serving as Mynt’s exclusive financial advisor, the proposed investment is contingent upon the execution of definitive transaction documents and the fulfilment of customary closing conditions. Upon completion, MUFG will become a shareholder in Mynt, while Ayala will increase its existing stake.

Mynt has experienced unprecedented growth in its user base and transactions over the past four years, driven by innovations and a focus on customer experience. This new investment will enhance financial inclusion and spur economic growth in the Philippines. In 2023, Mynt recorded a net income of PHP 6.7 billion.

Philippines – Philippine super app Gcash has recently unveiled its reinforced international services during the Singapore FinTech Festival this 2023, aiming to deliver the convenience of using the app towards Filipinos looking to travel or work abroad. 

Notably, GCash also revealed a new feature in the app where users can view real-time foreign exchange rates in select countries such as Singapore, Japan, and the USA.

This strengthens the efforts of GCash, which has been growing its reach beyond Philippine shores through its partner, global payments giant Alipay+, by allowing travellers to use the e-wallet for cashless transactions in 17 countries such as Singapore, Japan, and the USA. 

This initiative in turn has enabled users overseas to sign up for GCash using international mobile numbers in six countries such as the USA, Italy, and Japan.

Partnering with Visa as well, GCash users can also make cashless transactions with over 80 million merchants across 200 countries. Customers can order the new GCash Card via the app, and can pay with GCash in establishments that accept Alipay+ by either scanning their QR codes or generating a code.

Talking about these features, Martha Sazon, president and CEO of Gcash, said, “Through GCash services, Filipino travellers as well as those who live and work overseas can enjoy the same benefits as those who own credit cards and bank accounts. They can use the app to pay in stores and establishments that accept Alipay+ or accept card transactions.”

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.

Manila, Philippines Leading fintech app in the Philippines GCash has appointed its new chief marketing officer, ex-Lazada Neil Trinidad. The marketing veteran shared the announcement on a personal LinkedIn update. 

Trinidad brings with him a strong background in marketing, general management, and sales across the industries of FMCG, tech, fintech, and e-commerce. Previously, Trinidad also held the CMO position for the Philippine leg of top e-commerce platform Lazada for over 2 years through 2022. 

Transferring to the GCash team right after his CMO stint in Lazada, Trinidad first assumed the position of VP Head of Business of the fintech. 

Other notable marketing leadership under his belt include heading the businesses of Google Philippines and Unilever. In 2017, he also co-founded the e-commerce health food delivery business The Feel Good Food Group. 

Manila, Philippines – Popular mobile wallet GCash has teamed up with property developer Ayala Land to now allow users to view select properties, inquire and access cashless payments when investing in real estate. 

According to a report by ABS-CBN, users can log in to the app’s GLife feature to browse Ayala Land’s property listings and submit an inquiry. Property listings can be viewed by tapping GLife and searching for the ‘real estate’ tab.

Martha Sazon, president and CEO of GCash, said, “With this partnership with Ayala Land, GCash enables potential homeowners and property seekers to conduct virtual unit viewing and, after they make the decision to buy a property, access cashless payment of reservation fees using their e-wallet account.”

Meanwhile, Bobby O. Dy, president and CEO at Ayala Land, commented, “As more and more individuals are turning to the convenience of online shopping, we strongly believe that buying home and real estate properties should not be any different. By launching four of our key brands on GLife, Filipinos can now have a more seamless experience in buying Ayala Land properties.”

The announcement comes after GCash recently announced the opening its new in-app stock trading platform service ‘GStocks’ and a digital wallet for minors ‘GCash Jr’.

Manila, Philippines – Top e-wallet in the Philippines GCash has launched its new digital wallet designed for youth ages seven to 17 years old. Called ‘GCash Jr’, the new e-wallet aims to provide a safe and reliable digital transaction experience that is fit for the ‘next generation’ of Filipinos.

With the new e-wallet, minors can now buy their favourite things online, level up their gaming experiences, and explore a world of finances with their own GCash Jr. accounts.

GCash shared that there is a separate verification process for minors because there is a need to collect parents’ consent. This will be collected in the form of the requirements, and the parent will also be the one who needs to agree to the terms and conditions.

To verify the GCash Jr. account, app users must have a valid ID (passport, student ID, or national ID), and a parent that is fully verified on GCash with details, such as the parent’s full name, a fully verified GCash number, a picture of the parent holding the minor’s ID used in verification, and an original copy of the applicant’s birth certificate.

“This is just the first of many steps as we innovate for the youth,“ said GCash CEO Martha Sazon on her LinkedIn. 

Manila, Philippines – Global package delivery company UPS has announced that local electronic wallet GCash has been now integrated into their services, where any shipper or recipient in the Philippines can now instantly and securely pay for UPS’s logistics services, and settle any outstanding shipment-related charges, at any time, using GCash’s digital payment app on their mobile phones.

Grace Gavilan, finance manager at UPS in the Philippines, said, “Being able to leverage GCash’s leading mobile payments technology enhances how our customers do business with us in several ways, including improved customer experience, payment convenience, and even minimising package delays in the event shipments are held at customs due to outstanding duties and taxes.”

She added, “Small businesses form the backbone of our economy, and as the Philippines pivots towards becoming a digitalized and cash-lite economy, their active participation is crucial or they risk getting left behind. We’re confident this enhancement opens more doors for Filipino small businesses to be part of an inclusive financial ecosystem, and addresses their needs for a smarter, more digital-first approach to logistics and international trade.”

Meanwhile, Luigi Reyes, vice president for enterprise at GCash, commented, “Our company’s fintech service is built on the premise of enabling a digital ecosystem to help every Filipino. We are delighted to team up with UPS as this moves us closer to our goal of accelerating financial inclusion in our society – across government, businesses and consumers – via our financial services platform.”

The latest integration is part of UPS’ latest initiatives aimed at enabling a global smart, technology-enabled logistics network, including new shipping technologies like My Choice for Business which provides shippers with greater flexibility and visibility of their inbound and outbound shipments.