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
Ant Financial Services Group:
Ant Financial and Ayala Corporation to promote equal access to financial services in the Philippines with investment in Globe Telecom’s Mynt
Alibaba Group:
Home Page
Globe Telecom:
Globe Telecom Financial Statement 2016
Globe Fintech Innovations:
Mynt
Ayala Corporation:
Ayala
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROFINANCE EVENT: Fintech Festival Thailand; September 26-28, 2023; Bangkok, Thailand
- MICROCAPITAL BRIEF: World Bank’s IDA Lending $15m to Djibouti for Low-income Housing Finance, Policy Reform
- MICROFINANCE PAPER WRAP-UP: “Agritech and Fintech Providers in East and Southern Africa: A Landscape Assessment;” published by IFAD, SAFIN
- MICROCAPITAL BRIEF: Fintech Robos, General Arab Insurance Federation (GAIF) Partner on Events Promoting Financial Literacy, Savings, Social Insurance, Pensions
- MICROFINANCE EVENT: Arab Savings & Financial Literacy Conference; October 9-11, 2023; Cairo, Egypt – NEW DATES