Alibaba owner, Jack Ma invests in PH

 

In a news published by Philippine Star, Chinese Billionaire and Alibaba founder and chairman Jack Ma is making a strategic investment to get a 45 percent stake in Globe Fintech Innovations Inc., a unit of Globe Telecom Inc., to help accelerate financial inclusions in the Philippines.

Last Friday, Globe Telecom said that Globe Fintech Innovations Inc has entered into a strategic partnership with Ant Financial – a world-leading digital financial provider. Through this partnership, Ant will share with Mynt its know-how in using technology to provide access to financial services by individual.

Mynt is a wholly owned subsidiary of Globe Capital Venture Holdings (GCVHI) under Globe Telecom and Ayala Corp. The partnership aims to speed up financial inclusion and upgrade payment services in the country.

Globe president and CEO Ernesto Cu said that through this partnership, they are set to democratize financial services in the Philippines. While Ayala chairman and CEO Jamie Augusto Ayala was quoted that the said partnership is a great platform to redefine the country’s financial space amidst a robust consumer market and an increasingly digital market.

Sources: ABS-CBN News,