Alibaba affiliate Ant Financial has completed an investment in the Philippines in an effort to extend its global reach. The company is said to mana
Alibaba affiliate Ant Financial has completed an investment in the Philippines in an effort to extend its global reach.
The company is said to manage payment service Alipay and Alibaba`s digital banking services. As their press release stated (available here), the company entered an investment via subscription to new shares in Mynt.
Mynt operates GCash and Fuse Lending. The first is a micropayment service that can be used to buy prepaid load, pay bills, send money, make donations and others. Fuse Lending, on the other hand, is reportedly offering personal and business loans to unbanked and underserved Filipinos through the use of mobile technology, alternative data, as well as innovative credit scoring methods.
“A world-leading digital financial services provider has decided to partner with us. We are confident that having a strategic partner for Mynt will help fulfill our mission of providing financial services in a non-traditional manner that will benefit the majority of our population who are unbanked. With this partnership, we are set to democratize financial services in the Philippines.”, as Ernest Cu, Globe President and Chief Executive Officer.
The deal is the first investment of Ant Financial in the Philippines. The collaborative project will see Alipay sharing with Mynt its know-how in using technology to provide equal access to financial services.
As techcrunch.com speculated, these moves indicate Alibaba`s expansion plans that are to extend beyond its core e-commerce business. Recently, they have acquired Lazada, the leading e-commerce platform in Southeast Asia. Another similar deal was made with payment service MoneyGram that costed the company $880 million.
More such deals are anticipated as part of Alibaba`s business strategy.