Mynt Acquires ECPay for $40 Million

Published 7 months ago

Philippines-based Mynt, the parent company of e-wallet GCash, is set to acquire payments firm Electronic Commerce Payments Inc (ECPay) for approximately $40 million. The transaction involves the acquisition of Globe Telecom’s 77% stake, with the remaining shares purchased from minority stakeholder Payment One Inc, making it a complete takeover.

ECPay, which was acquired by Globe in 2019 to enhance its distribution network, offers a wide range of payment services. These include processing bill payments, electronic prepaid mobile phone top-ups, e-wallet and cash card reloading, and credit card payments. The acquisition is undergoing a thorough review, with completion expected following approvals from regulatory bodies and the satisfaction of closing conditions.

Mynt, which became the Philippines’ first tech unicorn in 2021 after raising over $300 million, has an estimated value of over $2 billion. As of May 2023, GCash boasts over 81 million active users in the Philippines.

Coinbase Secures Full License in Singapore

In other news, US-based cryptocurrency exchange Coinbase has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This development comes nearly a year after the platform received in-principle approval from the central bank, enabling it to offer regulated digital payment token products and services.

Coinbase views Singapore as a critical market. Around 25% of Singaporeans view cryptocurrency as the future of finance, and 32% are current or former owners of crypto. The platform has identified Singapore as a significant location for the industry due to its progressive economic strategies and approach to regulation.