Ant Financial, the financial services arm of China's Alibaba, is making an investment in Mynt, a mobile payment and credit service in the Philippines.
According to a report, Mynt is owned by Globe Telecom, the mobile operator based in the Philippines. Ant Financial is teaming up with Ayala Corp., the local Philippines conglomerate, to make an investment in Mynt. Mynt's GCash micropayment service is available for customers to buy prepaid card, pay bills, send money, make donations, shop online and purchase goods without having to have cash. The report noted Mynt has the biggest mobile base in the country with more than 3 million registered customers. Mynt also runs Fuse Lending, a personal and business loan service for people who are unbanked and underserved. The loans are issued via mobile technology and are based on alternative data and different credit scoring methods.
Once the deal closes, Ant Financial will own a "substantial minority interest" in Mynt. "We believe this is a great platform to redefine the country's financial services space amidst a robust consumer market and an increasingly digital environment. With the combined strengths of Ayala, Globe and Ant Financial, we believe we can help more Filipinos gain access to safer, more convenient and extensive payment and lending platforms," said Ayala Chairman and CEO Jaime Augusto Zobel de Ayala in the report.