According to Bloomberg, Japan's Mitsubishi UFJ Financial Group (MUFG) has announced its acquisition of a stake in Mynt, a leading digital startup in the Philippines. This move is part of MUFG's broader strategy to invest in digital startups across Asia's emerging markets, where traditional banks have yet to tap into a vast pool of potential customers. MUFG stated that this acquisition aims to further capture the growth potential of the Asia-Pacific region.

The deal comes at a time when the Philippines is experiencing a surge in digital payments. MUFG's recent investments include a $200 million investment in Akulaku, a Southeast Asian banking and digital finance firm, in 2022, and an investment in Ascend Money, a smartphone payment company in Thailand, in June. Globe Telecom, which had previously indicated plans for Mynt to go public, noted that the MUFG transaction has more than doubled Mynt's $2 billion valuation from its last funding round in 2021. In 2023, Mynt reported a net income of 6.7 billion pesos ($115 million).

Mynt has not disclosed the exact shareholder breakdown following the latest investment round but confirmed that Globe Telecom and China's Ant Group remain significant stakeholders. GCash, a key product of Mynt, is central to Globe's strategy to transform into a tech-centric enterprise, diversifying from its traditional telecommunications business. Following the announcement, shares of Globe Telecom rose by 2.6% to close at 2,218 pesos on Friday, marking the highest level since January 2023, despite a 1.3% decline in the Philippines' main stock index. Globe's service revenue growth remained steady at 3%.