Commission Decision No. 21-M-005-2017
Acquisition by Alipay Singapore Holding Pte. Ltd. of shares in Globe Fintech Innovations Inc.
Alipay Singapore Holding Pte. Ltd. (“Alipay”) and Ayala Corporation (“Ayala”) propose to acquire, by subscription, new common shares of Globe Fintech Innovations, Inc. (“Mynt”) [collectively, the “Parties”]. Mynt is currently wholly owned by Globe Capital Venture Holdings, Inc. (“Globe Venture”), which is in turn a wholly owned subsidiary of Globe Telecom, Inc. (“Globe Telecom”).
Upon closing of the proposed transaction, Alipay, Globe Venture and Ayala will hold 45.0%, 45.0% and 10.0% respectively of the issued and outstanding share capital of Mynt on a fully-diluted basis.
Ant Financial Group operates data and technology platform to provide digital financial services to consumers and small merchants. Businesses operated by Ant Financial Group include thirdparty payment service platform Alipay (primarily through Alipay.com Co., Ltd.), wealth management platform Ant Fortune Information Technology (primarily through Ant Lemaibao (Shanghai), Shanghai Zhaocaibao Financial Information Services Co., Ltd., and Ant Wealth (Shanghai) Financial Information Services Co., Ltd., independent third-party credit scoring system Zhima Credit (primarily through Sesame Credit Management Co., Ltd.) and online banking service provider MYbank (through Zhejiang E- Commerce Bank Co., Ltd, in which Ant Financial owns a 30% equity stake).
Currently, Ant Financial Group’s businesses are primarily located in China. Ant Financial Group’s third-party payment services are now supported in 70 overseas markets, with in-store payments covering more than 100,000 retail stores abroad and support the settlement of 18 currencies.
Ayala Corporation is a business group in the Philippines. Ayala’s portfolio includes Ayala Land, Bank of the Philippine Islands, Globe Telecom, and Manila Water. Ayala also has interests in power generation, transport infrastructure, industrial technologies, healthcare, and education. The Ayala group has a combined market capitalization of USD40 billion, comprising 20% of the market capitalization of the Philippine Stock Exchange Composite Index.
Mynt is a fully-owned subsidiary of Globe Telecom that provides fintech solutions to consumers, merchants, and organizations. It operates two fintech companies: (i) G-Xchange, Inc. (“GCash”), a micropayment service that transforms the mobile phone into a virtual wallet, and (ii) Fuse Lending, Inc., a tech-based lending company.
Globe Telecom is a telecommunications company in the Philippines, offering mobile, fixed, broadband, data connections, internet and managed services. Its principals are Ayala Corporation and Singtel.