Ant Financial Services Group (Ant Fin), a member of China’s Alibaba Group, and Ayala Corporation, a Philippine conglomerate, recently announced their purchases of minority stakes in Globe Fintech Innovations, a financial technology (fintech) affiliate of Globe Telecom that uses the trade name Mynt. Mynt operates GCash, a mobile money service, and Fuse Lending, which provides personal and business online loans of PHP 2,500 (USD 50) to PHP 300,000 (USD 6,000).
Ayala, which also holds a stake in Globe Telecom, has a market capitalization of approximately PHP 2 trillion (USD 40 billion), inclusive of its subsidiaries as of 2017. As of December 2016, Globe Telecom reported total assets of PHP 250 billion (USD 5.0 billion).
The mission of Ant Fin is to “bring equal access to financial services to the world.” Alibaba reports 2016 revenue of CNY 101 billion (USD 14.7 billion).
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Globe Telecom Financial Statement 2016
Globe Fintech Innovations:
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