Alibaba affiliate Ant Financial has again extended its global reach after it completed its maiden investment in the Philippines. The company, which manages..
Alibaba affiliate Ant Financial has again extended its global reach after it completed its maiden investment in the Philippines.
The company, which manages payment service Alipay and Alibaba’s digital banking services and is valued at $60 million , said it made an undisclosed investment in Mynt , a financial venture from Globe Telecom. Mynt’s interests include a micro-payment service and a mobile loan service, areas that give it plenty in common with Ant Financial. Globe, meanwhile, is the Philippines’ largest operator with 66.6 million subscribers, that’s just over 50 percent marketshare.
Ant Financial said it would technology to “upgrade” Mynt’s GCash service, while providing cash to help scale its financial products, which are aimed at helping under- and unbanked consumers.
