Mitsubishi Corp. has received approval from the Philippine Competition Commission (PCC) to acquire a 50-percent stake in AC Ventures Holding Corp., Ayala Corp.’s venture capital arm, as part of their proposed joint venture.
The PCC announced Thursday the P18.4-billion deal would not substantially lessen competition in the market for QR code-based digital payments to merchants.
AC Ventures, Ayala’s venture capital arm, holds stakes in Globe Fintech Innovations Inc. (Mynt), the parent company of GCash operator G-Xchange Inc., and tech-based lender Fuse Lending.
The commission noted that GCash holds a relatively small share in the QR-based person-to-merchant payments market. It also cited the government’s strong push for interoperability in QR payment systems as a key factor in maintaining competitive conditions.
While Mitsubishi indirectly owns Lawson Philippines, a convenience store chain that accepts QR code-based payments, the PCC said its limited market presence means the deal poses no significant risk to competition.
Ayala is one of the Philippines’ largest conglomerates with interests in banking, real estate and telecommunications. Mitsubishi is Japan’s largest trading company, operating across energy, urban development and other global sectors.
The review was conducted in accordance with the Philippine Competition Act, which mandates the PCC to assess mergers and acquisitions to prevent any substantial lessening of competition in the relevant market.
 to acquire a 50% stake in Ayala Corporation's venture capital arm, AC Ventures, for P18.4 billion.%%excerpt%%){kind=link}