Mitsubishi Corporation plans to acquire a 50% stake in AC Ventures Holding Corp (ACV), a subsidiary of Ayala Corporation.
ACV holds a roughly 13% stake in Mynt, the parent company of GCash, a superapp in the Philippines with over 94 million registered users.
Ayala has agreed to sell this stake to Mitsubishi for a minimum of PHP 18.4 billion (approximately US321.13 million).
The transaction is subject to the finalisation of documents, regulatory approvals, and other closing conditions.
The investment will increase Mitsubishi’s involvement in the Philippines’ digital financial sector.
This move follows Mitsubishi UFJ Financial Group (MUFG)’s investment in Mynt in August, which pushed its valuation to US$5 billion.
Mynt, which operates GCash through its subsidiary G-Xchange Inc., also runs Fuse Lending, a micro-lending platform providing financial access to underserved communities.
In addition to the investment, Mitsubishi and Ayala Corporation will sign a memorandum of understanding (MoU) to explore further business development opportunities in the country.
These efforts will focus on expanding into areas such as retail, healthcare, mobility, renewable energy, and carbon management.
The MoU is part of a broader collaboration to support various sectors of the Philippines’ economy.
Mitsubishi’s role could also help Mynt expand internationally, particularly within Japan, and boost its capabilities in areas like cloud-based payments and advanced credit algorithms.
The company views the Philippines as a key market due to its population growth and economic potential.
GCash, the main service offered by Mynt, has an 80% user penetration rate in the Philippines and plays a role in increasing financial access.
It provides mobile payments, money transfers, loans, and other financial services like savings, insurance, and investments.
This acquisition builds on Mitsubishi’s long-term partnership with Ayala Corporation, which started in 1974.
“We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users.
It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible,”
said Cezar Consing, President and CEO of Ayala Corporation.