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Globe Capital rolling out fintech business in 2018

MANILA, Philippines — Globe Capital Venture Holdings, a wholly-owned subsidiary of Ayala-led Globe Telecom Inc., will roll out a bigger financial technology business in 2018 after closing the deal with Jack Ma’s Ant Financial Services Group, said Globe president and CEO Ernest Cu.

Mynt, Globe’s financial technology business, has a war chest of $55 million which would be used to expand its merchant and consumer base starting next year.

“2018 is when we really see everything happening,” Cu told The STAR in a recent interview.

“We’re going to ramp up merchant acquisition. We’re going to ramp up lending. We’re going to ramp up everything. You will see us more ubiquitous,” he said.

He said the $55 million would be used just for growth and none of it would go to Globe Telecom.

“We’re here to solve people’s problems with technology,” he said.

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“To us, this is a new phase,” Cu said.

Mynt, or Globe Fintech Innovations Inc.,  is a fully-owned subsidiary of Globe Capital that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations.

 Its purpose is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services.

It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer, and Fuse, a tech-based lending company that enables Filipinos to get personal and business loans through use of mobile technology, alternative data, and innovative credit scoring methods.

Mynt president and CEO Anthony Thomas said globally, cashless payments have become a trend already. 

“One thing we identified is payments. Very few people have (credit) cards, less than five percent, and people don’t have access to credit. Seven out of ten Filipinos don’t have access to the bank and where they have access, it’s not particularly convenient and it’s not cheap. There are a lot of informal lending,” Thomas said.

Cu shared the same view.

“People want to use their phones to pay, everything is on the phone. You will not leave your phone at home. You can leave your wallet but not your phone so we’ve been preparing for this day. It did not happen just like that. GCash has been innovating for eight to 10 years,” Cu said.

In August, Alipay Singapore Holding Pte. acquired 45 percent of Mynt while Globe Venture holds 45 percent and Ayala, 10 percent.

Alipay is a unit of Ant Financial Group that provides digital financial services to unbanked consumers and small merchants.

Ant Financial Group, owned by Chinese tycoon Jack Ma, is a major third-party payment service provider in 70 overseas markets. It covers more than 100,000 retail stores and can carry out transactions in 18 currencies.

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