Photo credit: Ayala

In a big move to strengthen the digital financial landscape in the Philippines, Ayala Corporation has decided to sell 50% of its AC Ventures Holding Corp. (ACV) to Mitsubishi Corporation for at least P18.4 billion. This isn't just about a sale, though—it's about reigniting a long-standing partnership that dates back to 1974. The two giants are teaming up once again to tap into new opportunities and expand the reach of financial services across the country.

For some background, ACV currently owns about 13% of Globe Fintech Innovations, Inc. (Mynt), the parent company of G-Xchange Inc., the force behind GCash, and Fuse Lending, a tech-based micro-lending platform. These companies are vital players in the growing fintech scene, offering mobile wallet services and lending solutions to millions of Filipinos.

So, what's in it for Mitsubishi? Well, Japan’s largest trading company sees a lot of potential in Mynt's growth, not just in the Philippines but also overseas. With Mitsubishi’s massive Japan-based ecosystem, there's a good chance GCash and Fuse will expand into new markets and develop cutting-edge services, such as cloud-based payment solutions and sophisticated credit algorithms. This is definitely a step toward elevating digital financial services for millions of GCash users.

Ayala’s President and CEO, Cezar Consing, shared his excitement, saying, “We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users. It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible.”

The collaboration isn’t new, though. Ayala and Mitsubishi’s relationship has a history of successful projects in the Philippines, including industrial estates, renewable energy, water utilities, and auto dealerships. This latest partnership is essentially a refresh, focusing on supporting and capitalizing on the rapid economic growth of the Philippines, which is among the fastest in the region this year.

Of course, the sale still needs regulatory approval and a few other conditions to be met before it’s a done deal. But if everything goes according to plan, this partnership could significantly shape the future of financial services in the country and possibly even beyond.