GCash parent Mynt acquires ECPay

Globe Telecom Inc. has sold its share to digital platform Electronic Commerce Payments (ECPay) Inc. to Globe Fintech Innovations Inc. (Mynt), the parent company of e-wallet G-cash.

In a statement, Globe said Mynt acquired its 77% stake in ECPay for P2.31 billion.

It likewise said Payment One Inc., a minority stakeholder of the electronic payment service provider, is a party to the agreement “effectively making the transaction a full acquisition of ECPay by Mynt”.

Globe acquired ECPay in 2019.

“Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up,” said Globe chief finance officer Rizza Maniego-Eala.

"With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” she said.

Following the acquisition, Globe said ECPay will now have access to GCash’s platform while Mynt is expected to harmonize the capabilities of the two digital platforms.

“The acquisition will help GCash provide best-in-class services in the fintech space and further democratize financial access,” it added.—Sundy Locus/AOL, GMA Integrated News