Japan's largest trading company will buy a 50 percent stake in Ayala-owned AC Ventures Corp. which has a 13 percent stake in Mynt, the Philippine company said.
The fintech startup had a valuation of about $5 billion in August and owns GCash, the largest mobile wallet service in the Philippines.
Mitsubishi said it expects the Philippines - where access to banking is weak, leading to a sharp increase in e-wallet users - to have the highest population and economic growth among the 10 countries in the Association of Southeast Asian Nations.
"Although relatively few people in the Philippines have bank accounts, most have mobile phones and Internet access, making the Philippines an attractive market with significant growth opportunities in digital financial services," the company said. | BGNES
