Globe Telecom Inc. has secured the green light from the Philippine Competition Commission (PCC) to proceed with the sale of its 77 percent stake in Electronic Commerce Payments Inc. (ECPay) to Globe Fintech Innovations Inc. (Mynt), the operator of leading e-wallet platform GCash.
In a regulatory disclosure on Wednesday, the Ayala-led telco said the PCC issued a certification allowing the transaction to move forward “subject to strict compliance by ECPay and Mynt of their respective voluntary commitments.”
The transaction, initially announced in September 2023, is valued at ₱2.31 billion. Completion remains contingent on approvals from other regulatory bodies and the fulfillment of closing conditions.
Mynt, a portfolio company of Globe, Ayala Corp., and Ant Group, will assume full control of ECPay following the transaction, with minority shareholder Payment One, Inc. also agreeing to sell its stake.
ECPay, acquired by Globe in 2019, operates a digital payment platform that supports a wide array of financial services across merchant partners—ranging from bills payments and e-wallet top-ups to airline ticketing and online shopping transactions.
The consolidation of ECPay under Mynt is a strategic move aimed at strengthening GCash’s backend capabilities and merchant ecosystem. With over 81 million registered users, GCash is the dominant player in the Philippine mobile wallet market, and the acquisition is expected to bolster its push toward broader financial inclusion.
“The acquisition will help GCash provide best-in-class services in the fintech space and further democratize financial access,” Globe said in its disclosure.
The PCC’s approval marks a key regulatory milestone for one of the country’s most significant intra-group consolidations in the digital finance sector, underlining Mynt’s intent to deepen its footprint in the fast-growing fintech market.
