Ant-backed Philippine fintech unicorn Mynt seeks to expand services before IPO
GCCash, a Philippine mobile wallet owned by Mynt.

Asian Tech Press (Mar. 29) -- Philippine fintech unicorn Mynt, backed by Alibaba's financial affiliate Ant Group, seeks to expand its services before starting an IPO.

Globe Fintech Innovations Inc., known as Mynt, a joint venture between Ant Group, wireless carrier Globe Telecom Inc. and Makati-based conglomerate Ayala Corp.,is seeking to expand its services and diversify its revenue.

Ernest L. Cu, President and CEO of Globe Telecom, said in an interview that Mynt plans to include crypto currency and stock trading in its bouquet of services besides loans, investment and insurance it introduced in the past two years.

"We just don't want to be in payments, phone loads and bank transfers," Cu said, "Right now we are still building our business. When we are done and ready we'll be doing the IPO."

Mynt, owned by Philippine operator Globe Telecom, is located in the country's capital and chief city Manila and owns GCash, the largest e-wallet in the Philippines.

In February 2017, Mynt announced that it had signed an agreement with Alipay's parent company Ant Group, Ayala Corp., to bring in a capital injection from the two companies.

Mynt became the first unicorn in the Philippines after raising $300 million from global investors such as US-based Warburg Pincus and Insight Partners, valuing it at $2 billion.

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