(RTTNews) - Japanese conglomerate Mitsubishi Corp. (MBC.L, MSBHY.PK) announced that it has agreed with Philippine conglomerate Ayala Corp. to acquire a 50 percent stake in AC Ventures Holding Corp. or ACV and pursue future investment opportunities. The financial terms of the deal were not disclosed.
ACV currently holds an about 13 percent stake in Globe Fintech Innovations, Inc., known as Mynt, the parent company of GCash, a Philippine finance super app and largest digital cashless ecosystem in the country.
In addition, Mitsubishi and Ayala are going to sign a memorandum of understanding on a comprehensive collaboration in the Philippines. The MoU covers additional business developments aimed at stimulating the country's economic growth.
The company said the agreement on its investment is subject to the execution of definitive transaction documents and the satisfaction of customary closing conditions.
Mitsubishi noted that the country is expected to have the highest population and GDP growth among ASEAN countries. It is an attractive market with significant room for growth in digital financial services, as majority have mobile phones and access to the Internet.
Around 80 percent of the country's citizens have ever tried using the "GCash" mobile wallet, which is Mynt's core business.
The company said, "With a vision to accelerate financial inclusion in the Philippines, the product has by far the largest mobile-wallet customer base in the Philippines and has grown into an indispensable service infrastructure, relied on by millions for daily payments, transfers and other financial transactions."
In August, Mitsubishi UFJ Financial Group announced its investment in Mynt.
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