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Japanese mega conglomerate Mitsubishi Corporation is investing about $320 million in ACV Ventures Holdings Corporation, a wholly owned unit of the Philippines’ oldest enterprise, Ayala Corporation.In a disclosure to the Philippine Stock Exchange, Ayala said it has reached an agreement with Mitsubishi to sell a 50% stake in ACV for P18.4 billion .With the investment in ACV, Mitsubishi will effectively pour in capital in Globe Fintech Innovations Inc. —in which ACV holds an about 13% stake.
”“The MoU covers additional business developments aimed at stimulating the country's economic growth,” the Japanese conglomerate said.Mitsubishi, in investing in ACV, cited GCash’s growing popularity with approximately 80% of the Philippines’ citizens “have ever tried using” the mobile wallet.Ayala, for its part, said Mitsubishi can help Mynt grow overseas and within its own significant Japan-based ecosystem, and in areas like cloud-based payments and new credit algorithms.
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