Ayala Corporation has completed the sale of 50% of its stake in AC Ventures Holding Corp. (ACV) to Japan’s Mitsubishi Corporation for at least P18.4 billion (about US$320 million), giving the Japanese trading giant an indirect 6.5% stake in GCash, the country’s dominant mobile wallet.
The deal was first announced in October 2024, when Ayala and Mitsubishi signed a binding term sheet. The two companies formally signed the investment agreement on March 31, 2025, with Mitsubishi subscribing to 18.03 million common and redeemable preferred shares of ACV. The transaction cleared its final regulatory hurdle when the Philippine Competition Commission approved it in 2025, allowing the deal to close.
Before the transaction, Ayala fully owned ACV, which holds a 13% stake in Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange, Inc. and microlender Fuse Lending. With Ayala and Mitsubishi now each holding 50% of ACV, Mitsubishi effectively gains a 6.5% indirect stake in Mynt. The subscription proceeds will go toward redeeming Ayala’s preferred shares in ACV.
Mynt’s valuation has climbed to $5 billion, up from $2 billion, following an earlier P23 billion investment from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, in August 2024. GCash is now preparing for a planned initial public offering, targeting a valuation of at least $8 billion.
Ayala Corporation president and CEO Cezar Consing said the partnership is designed to deepen the services available to Filipino users. “We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users,” he said. “It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible.”
The deal builds on a 50-year partnership between Ayala and Mitsubishi that spans industrial estates, renewable energy, water utilities, and auto dealerships in the Philippines. Ayala said the two companies are looking to expand that relationship further into consumer-related and digital opportunities.
GCash remains the country’s leading mobile wallet, used for transfers, savings, insurance, and investment products aimed at expanding financial inclusion among unbanked Filipinos. For 2024, Ayala Corporation’s core net income rose 10% to a record P45 billion, driven by strong performance across its banking, real estate, telecommunications, and renewable energy businesses.
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