Mitsubishi Corporation is set to acquire a 50% stake in AC Ventures Holding Corp, a subsidiary of Philippine conglomerate Ayala Corporation. This move gives Mitsubishi indirect exposure to GCash, the Philippines’ largest digital wallet and financial services platform.
The investment aligns with Mitsubishi’s strategy to develop a “Smart-Life” ecosystem, focusing on digital financial services in high-growth ASEAN markets. The Philippines, with its young population and increasing smartphone penetration, presents a significant opportunity for expansion in mobile banking and payments.
GCash, which claims to have been used by about 80% of Filipinos, offers a range of services from payments and transfers to loans, savings, and investments. The platform has built a network of over 6 million merchant partners, positioning itself as a key player in the country’s digital economy.
Mitsubishi and Ayala also signed a memorandum of understanding for broader collaboration in areas such as retail, healthcare, mobility, and renewable energy. This partnership, marking its 50th anniversary, aims to stimulate economic growth in the Philippines.
The deal follows a recent investment in GCash by Mitsubishi UFJ Financial Group, suggesting a coordinated push by Japanese firms into Southeast Asian fintech markets.
