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What will be GCash's market share in the Philippine mobile payment market by the end of 2024?
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Japan•Mitsubishi UFJ Financial Group•Globe Fintech Innovations•Mynt•Philippines•MUFG•GCash•Asia•Ayala•Philippine•InsiderPH•Jack Ma
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Story
MUFG to Invest $393 Million for 8% Stake in Philippine Mobile Payments Leader Mynt, Valued at $5 Billion
Aug 2, 2024, 02:25 AM
Japan's Mitsubishi UFJ Financial Group (MUFG) is set to invest $393 million in Globe Fintech Innovations, better known as Mynt, the leading mobile payments operator in the Philippines. This investment will give MUFG an 8% equity stake in Mynt's top fintech app, GCash. The deal values Mynt at $5 billion, significantly boosting its valuation. This move is part of MUFG's strategy to expand its presence in Asia's growing digital financial market. The funding round also saw participation from Ayala, a major Philippine conglomerate. InsiderPH reported that billionaire Jack Ma and one of the richest clans in the Philippines both notched wins as the company raised new funds.
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