GCash gets a surprising ally in the Japanese market
Over the weekend, Mitsubishi secured a 50% share in AC Venture Holdings for a sizable P18.4 billion. ACV is perhaps most sought after for its 13% stake in Globe Fintech Innovations —more commonly known as the parent company to GCash, the Philippines’ most popular e-wallet.
This purchase thus gives Mitsubishi a 6.5% stake in GCash and Fuse, a cashless micro-lending service. The car fanatic in us immediately thought, “G-Mirage?” Or perhaps a GCash app on a new Mistubishi infotainment system?Top Gear PH Podcast Episode 11: The Philippine International Motor Show is upon us!PHOTO BY GCash
Let’s get back to reality. Most likely, the purchase was made to boost the value of a potential initial public offering , if Mynt decides to bring out GCash to the stock market. A stock exchange debut for GCash has long been rumored, most especially since its $5 billion valuation. Adding Mitsubishi to the mix should only boost that valuation for an even bigger start in the stock market.
On the Mitsubishi side, the partial acquisition of a fintech giant like GCash gives the Japanese conglomerate a stronger foothold in the cashless payment market in its home country. GCash is available for use in Japan and 15 other countries worldwide. The 6.5% stake marks the second Mitsubishi transaction with GCash, following an initial $393 million investment under Mitsubishi UFJ Financial Group back in August 2024.While a GCash car looks far from reality , the acquisition looks like a win for the local fintech industry. Mitsubishi and Ayala have also agreed to explore further partnerships in multiple industries.
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