Globe Fintech Innovations, Inc (also known as Mynt), which owns leading e-wallet GCash, is set to fully acquire Electronic Commerce Payments Inc (ECPay).
Globe Telecom, Mynt’s parent company, announced its decision to sell its dominant stake in ECPay to GCash, and similarly, minority stakeholder Payment One Inc is divesting its share. If approved, this will make ECPay a full acquisition for Mynt.
Established in 2001, ECPay, a prominent electronic payment service in the Philippines, became part of Globe’s portfolio in 2019 to boost its distribution reach. Following the acquisition, ECPay will integrate with GCash’s platform, enhancing its digital offerings in a space where GCash is a frontrunner.
This move is anticipated to synchronise the strengths of both ECPay and GCash, positioning Philippines leading e-wallet provider to deliver superior services in fintech and widen financial inclusivity.
Ernest L. Cu
Ernest L. Cu, President and Chief Executive Officer of Globe, remarked,
“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,”