Billionaire Jack Ma seals deal with the Ayalas
A new partnership has been made between billionaires.
Chinese bilyonaryo Ma Yun, known professionally as Jack Ma has made his first investment in the Philippines through a deal between his Ant Financial Services Group and Ayala-led Globe Telecom.
The Chinese business magnate is taking a “substantial” minority stake in the Globe unit that operates GCash, Globe said in a statement over the weekend.
The said strategic partnership of Ant Financial, which operates China;s online payment service Alipay, with Globe Fintech Innovations, Inc. (Mynt) and Ayala Corp. intends “to accelerate financial inclusion and upgrade payment services in the Philippines.”
“Ant Financial and Ayala Corp. have signed the definitive documents to enter into an investment via subscription to new shares in Mynt,” Globe said in its statement.
Upon completion, Ma’s Ant Financial will have a “substantial minority interest” in Mynt. Ayala will own a minority stake, while Globe Capital Venture Holdings, Inc. holds the rest.