PCC clears Jack Ma’s acquisition of Globe Fintech
The Philippine Competition Commission on Wednesday said it approved Alipay Singapore Holding Pte.’s acquisition of Globe Fintech Innovations Inc. (Mynt), marking Chinese billionaire Jack Ma’s maiden investment in the Philippines.
Under the deal, Alipay will acquire 45 percent of Mynt, which has interests in a micro-payment service GCash and mobile loan service Fuse Lending.
PCC approved the transacton following a Phase 2 review of the possible effects on in the non-bank electronic money market.
“Electronic money is increasingly becoming a preferred mode of payment for the unbanked consumers, and we wanted to protect competition in this niche market. We have closely looked into the dynamics of the players within the non-bank electronic money market. Since this market is still evolving, there is scope for more players to enter the industry, domestic or foreign. Therefore, the competition in this market is expected to remain robust,” PCC said.
Alipay is a unit of Ant Financial Group that provides digital financial services to unbanked consumers and small merchants.
Ant Financial is a major third-party payment service provider in 70 overseas markets. It covers more than 100,000 retail stores and can carry out transactions in 18 currencies.
The investment of Alipay will help Mynt achieve its goal of becoming a world-class online and offline payment provider.
Mynt is currently the country’s biggest mobile money base in the Philippines with over three million registered customers and P1 billion worth of transactions per week.