TOKYO -- Mitsubishi UFJ Financial Group is set to invest $393 million in Globe Fintech Innovations, a leading Philippine mobile payments operator better known as Mynt, as it expands its foothold in Asia's booming digital financial market, Nikkei has learned.
The financial group's MUFG Bank will acquire nearly 10% of GFI through third-party allotment and purchases from existing shareholders. A MUFG executive will sit on the GFI board and deepen cooperation in digital finance. The bank also seeks collaboration directly with GFI's largest shareholder and Philippine conglomerate Ayala Group, hoping to take advantage of its financial services and MUFG's customer base.
