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GCash

Arthur Fuentes

ABS-CBN News

<p>MANILA - GCash is looking to leverage the expertise and network of its new investor Mitsubishi UFJ Financial Group (MUFG), the company said on Wednesday. </p><p>Martha Sazon, president and CEO of Mynt which operates GCash, told journalists that MUFG&#x27;s investment in the company allows it to tap the fast-growing digital financial market in the Philippines. </p><p>&quot;So, MUFG gains now a direct access to a larger customer base and the ability to leverage local expertise to strengthen its regional foothold,&quot; Sazon said. </p><p>But the Japanese financial giant&#x27;s investment in GCash also lets the Philippine fintech leader to tap MUFG&#x27;s &quot;clout.&quot;</p><p>&quot;What we can leverage from MUFG is their clout, not just regionally but even in the Philippines. Well, in the Philippines, they own <a href="https://news.abs-cbn.com/business/06/02/23/krungsri-mufg-to-acquire-home-credit-philippines" rel="noopener noreferrer" target="_blank">Home Credit</a> and they also partially own Security Bank, among others. So, there&#x27;s a good synergy in there,&quot; said Sazon during an online press briefing on the financial results of parent firm Globe Telecom.</p><div><a href="https://news.abs-cbn.com/business/2024/8/6/gcash-to-use-fresh-investments-to-fund-lending-business-1531" rel="noopener noreferrer" target="_blank">READ: GCash to use fresh investments to fund lending business</a></div><p>During an earlier interview with ANC, Sazon said Mynt plans to use the fresh investments from MUFG and Ayala Corp to further expand the fintech&#x27;s lending services. </p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/QaqyjQrHah0?&amp;t=159s&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>Aside from this GCash also strengthens its links to regional financial players, said Globe Telecom President and CEO Ernest Cu. </p><p>&quot;GCash has really benefited from being part of a network that Ant Financial has all over Southeast Asia and China. And now we&#x27;re adding another network, which is the MUFG network,&quot; Cu said. </p><p>&quot;They recently acquired Ascend Money as well in Thailand, if I&#x27;m not mistaken. And so, we have now access to partnerships across their portfolio. And as you know, partnering is a very key strategy for the global group as we continue to expand our businesses,&quot; Cu added. </p><p>Despite these developments, Sazon signaled that the time was not yet ripe for the company to mount an initial public offering, even though GCash was ready for it.</p><p>&quot;With the recognition of a major global financial institution in MUFG, we believe that Gcash IPO is IPO-ready and could attract interest from all types of investors wherever the stock exchange we decide to list in,&quot; Sazon said. </p><p>&quot;However, our view on the timing of the IPO remains the same. That is, it&#x27;s subject to improvements on market condition. We know what happened the last 48 hours, last week also. We continue to monitor external trends and to ensure that we can unlock the fair value of the company upon listing,&quot; she added. </p><p>Worries about a possible US recession dragged down stock markets globally, including the PSE. After surging almost 6 percent in the first quarter of 2024, the PSE gave up these gains on concerns over continuing economic headwinds.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/6x_CgiUJfYA?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>MUFG's investment in GCash also lets the Philippine fintech leader to tap the Japanese financial giant's "clout", Mynt said.</p>

MUFG's investment in GCash also lets the Philippine fintech leader to tap the Japanese financial giant's "clout", Mynt said.

GCash eyes 'synergy' with investor and Home Credit owner MUFG

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GCash eyes 'synergy' with investor and Home Credit owner MUFG

Arthur Fuentes,

ABS-CBN News

Published Aug 07, 2024 05:44 PM PHT

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Updated Aug 07, 2024 05:56 PM PHT

Read More:

GCash

fintech

Mynt

Globe Telecom

Martha Sazon

Ernest Cu

Ayala Corp

MUFG

Home Credit

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