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The Philippine Competition Commission has started the "in-depth" review of the planned acquisition of Electronic Commerce Payments Inc. by GCash operator Globe Fintech Innovations Inc. .In October last year, Globe Telecom disclosed that it had sold its shares in EC to Mynt for P2.31 billion. The transaction effectively allowed Mynt to fully acquire ECPay, making the latter a wholly owned subsidiary of GCash’s parent firm.
“In light of these concerns, the MAO proceeded to Phase II review of the transaction and issued a Request for Information to the parties involved on September 18, 2024,” the PCC said.“The Phase II review officially commenced on September 19, 2024, with the objective of conducting a more detailed assessment of whether the transaction may substantially lessen competition in the relevant markets,” it added.
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