Jack Ma's Ant Financial gets 45% stake in Globe Telecom unit

Ant Financial Services Group, the financial technology company controlled by Chinese billionaire Jack Ma, is acquiring some 45 percent in Globe Fintech Innovations Inc. (Mynt) to accelerate financial inclusion in the Philippines, Globe Telecom Inc. said on Monday.

"We wish to confirm that subject to the closing of the above-mentioned transaction, the substantial minority interests of Ant Financial and GCVHI (Globe Capital Venture Holdings) may translate to 45 percent equity stake each in Mynt," Globe said in a disclosure to the Philippine Stock Exchange.

The transaction was announced by Globe late Friday, after parent Ayala Corp. and Ant Financial signed definitive documents covering an investment deal via subscription to new shares in Mynt.

Mynt, a wholly-owned subsidiary of GCVHI under Globe and Ayala Corp., operates micro-payment service GCash as well as mobile loan service Fuse Lending.

"Ayala Corp. will hold the remaining equity stake in Mynt," Globe said.

Globe President and CEO Ernest Cu noted the partnership will provide financial services in a non-traditional manner for the benefit the majority of the population.

"In this partnership, we are set to democratize financial services in the Philippines," he said last week.

Earlier this month, GCash also signed a partnership deal with PayPal Pte. Ltd. on zero rated fund transfers and withdrawals for micro, small, and medium enterprises.

Shares of Globe opened at P1,790.00 apiece Monday, unchanged from Friday's close. — Jon Viktor Cabuenas/VDS, GMA News