Globe has divested a 77% stake in Electronic Commerce Payments Inc. (ECPay) to Globe Fintech Innovations Inc. (Mynt), the parent company of GCash, for a total of P2.31 billion.
“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,” said Ernest Cu, president and CEO of Globe.
ECPay, established in 2001, became part of Globe’s portfolio in 2019 as part of an initiative to expand its distribution network. ECPay offers a wide range of services, including bill payments, electronic prepaid mobile phone top-ups, electronic pins, e-wallet and cash card reloads, airline ticket payments, online shopping payments, and credit card payments through its various outlets.
By integrating its fintech subsidiaries, Globe is granting ECPay access to GCash’s platform, streamlining the company’s financial operations and working toward democratizing financial access.
“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 deal is currently undergoing regulatory reviews, with completion anticipated following approvals from the relevant regulatory bodies and fulfillment of closing conditions.