Japanese conglomerate Mitsubishi Corporation has announced its plans to invest in Ayala Corporation’s joint venture, which includes a stake in Globe Fintech Innovations (better known as Mynt), the parent company of GCash, one of the Philippines’s leading finance super app.
In a statement, Mitsubishi revealed that it had agreed with Ayala and AC Ventures Holding Corp regarding its investment in AC Ventures, pending the finalisation of transaction documents and fulfilment of standard closing conditions.
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AC Ventures currently holds a 13 per cent stake in Mynt, while Ayala is one of the Philippines’s largest conglomerates.
Under the agreement, Mitsubishi will acquire a 50 per cent stake in AC Ventures Holdings and pursue future investment opportunities. Additionally, the two companies are set to sign a memorandum of understanding (MoU) for a broader partnership in the country, focusing on new business developments aimed at boosting the country’s economic growth.
Mitsubishi outlined its goal of creating a “Smart-Life” ecosystem, which involves launching multiple business initiatives to address social issues and meet consumer needs. The ecosystem aims to promote financial inclusion, with digital financial services being a key component. Mitsubishi views these services as critical infrastructure to connect various consumer offerings and meet growing demand in Southeast Asia.
The Philippines, expected to see the highest population and GDP growth in the region, presents a unique opportunity for digital financial services. Although a significant portion of the population remains unbanked, the widespread use of mobile phones and internet access makes it an attractive market for growth. Currently, approximately 80 per cent of the country’s population has used GCash, Mynt’s flagship product.
GCash, which has the largest mobile wallet customer base in the Philippines, plays a vital role in facilitating financial inclusion by offering payments, transfers, and other financial services. Mynt has expanded its offerings to include loan services, savings, insurance, and investment products. It also boasts the largest network of online and offline merchants, with over six million partners.
Mitsubishi and Ayala have a longstanding relationship, dating back to their first partnership in 1974. To further strengthen their ties, the companies will support Mynt’s continued growth and explore joint initiatives in retail, healthcare, mobility, renewable energy, and carbon management.
Mitsubishi’s latest investment follows a similar move by the Mitsubishi UFJ Financial Group (MUFG) in August. Together, Mitsubishi, Ayala, and MUFG aim to support Mynt’s future expansion.
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Established in 1950, Mitsubishi operates diversified businesses across industries including energy, materials, urban development, mobility, and smart-life creation. Ayala, founded in 1834, is a major player in real estate, banking, telecommunications, and renewable energy, with growing investments in healthcare, fintech, and technology ventures.
Mynt, valued at US$5 billion, operates two key fintech companies: GXI, which runs GCash, and Fuse Lending, a tech-driven lending platform that provides microloans and business loans to Filipinos.
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