Mitsubishi UFJ Financial Group (MUFG) is poised to invest $393 million in Globe Fintech Innovations (Mynt), a prominent mobile payments operator in the Philippines, Nikkei reported. This move marks a significant step for MUFG as it seeks to expand its influence in Asia’s rapidly growing digital financial market.
Through its banking subsidiary, MUFG Bank, the group will acquire almost 10% of Mynt via a combination of third-party allotment and purchases from current shareholders. As part of the deal, a MUFG executive will join Mynt’s board to enhance cooperation in digital finance. MUFG also plans to collaborate closely with Mynt’s largest shareholder, the Ayala Group, to leverage its financial services expertise alongside MUFG’s extensive customer network.
Mynt is known for operating GCash, a leading mobile wallet in the Philippines that boasts over 60 million users. The platform specializes in QR code-based payments and peer-to-peer fund transfers. With a current valuation of $5 billion, Mynt is recognized as a “unicorn” in the fintech sector. Its growth has been bolstered through a partnership with Globe Telecom, the largest mobile operator in the country and part of the Ayala Group.
MUFG has previously invested in various nonbank digital ventures across Asia, and its parent company controls Thailand’s Bank of Ayudhya. Both MUFG and Mynt see significant opportunities for synergy, particularly in technology exchange and digital finance collaboration within Southeast Asia’s consumer finance sector.
