Mitsubishi Corporation’s 18.4-billion-peso (approximately $320 million) investment in Ayala Corporation’s venture arm, AC Ventures Holding Corp, marks a significant development in the Philippine fintech landscape. The deal, which was formalised last week, allows Mitsubishi to acquire a 50% stake in ACV, which currently holds a 13% stake in Mynt, the company behind the country’s most popular e-wallet GCash.
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