Globe Telecom unifies businesses involved in payments; it sells its 77% stake in ECPay to Mynt for PHP 2.31 billion.
Globe Telecom, Inc., a prominent digital platform in the Philippines with interests in telecommunications, financial technology, virtual healthcare, digital marketing solutions, data insights, corporate venture building, and climate technology, has reached an agreement to sell its 77% stake in Electronic Commerce Payments, Inc. (ECPay) to Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, for PhP 2.31 billion. Payment One, Inc., a minor shareholder in ECPay, is also a party to the agreement, effectively turning the deal into a full purchase of ECPay by Mynt.
The leading provider of electronic payment services in the Philippines is ECPay, which was founded in 2001. Globe bought it in 2019 to expand its distribution system. The ECPay Platform gives merchant partners the ability to accept credit card payments, electronic prepaid mobile phone top-ups, electronic pins, e-wallet reloads, and payments for airline tickets and online purchases at their various locations.
Ernest L. Cu, President and Chief Executive Officer of Globe, shared that, “GCash’s meteoric rise to become one of the top fintech brands and the aggressive expansion of its financial services have created a perfect environment for strategic synergies with ECPay. Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers.”
After the transaction is completed, ECPay will have access to GCash's platform, allowing ECPay to more effectively navigate the ever-changing digital environment in which GCash is a leader. Regarding Mynt, it's anticipated that it will better integrate ECPay and GCash's functionalities. The purchase will assist GCash in providing best-in-class fintech services and further democratize access to finance.
“Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up. With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” added Globe’s Chief Finance Officer, Rizza Maniego-Eala.
The transaction is presently being carefully examined. After receiving the necessary governmental clearances and meeting the closing requirements, completion is anticipated.
About Globe Telecom, Inc.
Globe Telecom, Inc. is a leading digital platform in the Philippines, with major interests in telecommunications, financial technology, digital marketing solutions, venture capital funding for startups, entertainment, virtual healthcare and climate technology. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region.
Electronic Commerce Payments (ECPay) Inc., is the leading electronic customer purchase and payment system provider in the Philippines, enabling merchants in both the offline and online channels with its one-stop-shop proposition and offer customers convenient payment platforms. For over 22 years, ECPay has enabled retail outlets and collection partners to offer accurate, secure and timely payment services, while providing merchants, portfolio and biller partners with real-time electronic reconciliation, web-based reporting and system management. ECPay currently has over 570 Biller and Portfolio partners and more than 490,000 over-the-counter and 3,000+ digital touchpoint channels nationwide.
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